February 15, 2014

EVEN WITH HAYEK DEAD FOR DECADES, DIONNE IS STILL OVERMATCHED: E.J. Dionne vs. Hayek. “Dionne’s column is problematic in two ways. First, he completely misrepresents the central argument of Friedrich Hayek’s Road to Serfdom, which seems to be his central target. Second, he fails to accurately reflect the debate over the historical record of Keynesianism during the Great Depression and in particular the ‘stagflation’ episode of the 1970s, which shattered the Nixon-era consensus on the wisdom of Keynesian economics. . . . it isn’t evident from the column that Dionne has actually read The Road to Serfdom itself, as opposed to just reading commentators on the book who have also fundamentally misunderstood the book).” So, a pretty typical Dionne effort.