Quote of the day
January 22, 2009 – 8:15 pm by JohnFrom bumbling idiot and Obama-worshipper Brad DeLong (page 12 of the linked article):
Friedrich Hayek and Joseph Schumpeter led those “Austrian” economists who tried to build theories in which government attempts to cure recession caused more harm than good. Behind Hoover and Hayek stands the figure of Karl Marx, who critiqued the coming of modern central banking at its origin in the 1840s and thus stands at the head of the Marx-Hoover-Hayek axis.
The policies recommended did not turn out well. We can dispute what should have been done in the Great Depression, but hands-off was the wrong policy. The lesson of the Great Depression was reinforced by the experience of Japan in the 1990s, where governmental hesitancy in taking action in the hope that the market system would soon cure its own diseases was not rewarded.
Yes, he’s being serious, and don’t call me Shirley.
Hat tip: Bob Murphy.
One Response to “Quote of the day”
That’s quite the 3-headed axis.
By kerrjac on Jan 26, 2009