I was pleased to see Spreading Hayek, Spurning Keynes in the Wall Street Journal this morning about professor of economics Peter Boettke at George Mason University.
After spending the entire article laying out the thinking behind Austrian economics, it ends with this:
But as much as the Austrian diagnosis may resonate now, it doesn’t provide a playbook for what to do next, which could limit its current resurgence. Mr. Hayek rightly warned of the dangers of central planning, Mr. Boettke says, but “he didn’t give a prescription for how to move from ‘serfdom’ back.”
Straw man. I’d be shocked if Boettke’s quote was taken in context.
Keynesians need “playbooks”. Austrians want less government and more adult behavior. Move in that direction.