This column developed out of a running debate I've had with the editors of the Wall Street Journal and the New York Times. In the financial news, the Times highlights the price of oil as the best indicator of commodity prices and inflationary expectations. The front page of the Wall Street Journal publishes nine prices and indices, including oil and the Dow Jones Commodity Spot Index, to reflect activity in the financial markets.
Fill in the blank. Who is the mysterious economist named above? Most of my colleagues named Milton Friedman, but in Daniel Yergin and Joseph Stanislaw's bestseller, the Chicago economist runs a close second to. . . .
F.A. Hayek, the Austrian economist!
Why Hayek? Because,
Communism as a political movement may be dead, but Marxism as an intellectual movement lives on. This year marks the 150th anniversary of the publication of Karl Marx and Frederick Engel's profound polemic, Manifesto of the Communist Party.
In his third and final volume on John Maynard Keynes, Robert Skidelsky comes to the shocking conclusion that the Keynesian revolution was temporary, that Keynes's General Theory was really only a “special” case, and that “free market liberalism” has ultimately triumphed. This is all the more amazing given that Lord Skidelsky has spent the past 20 years of his professional career studying Keynes and resides in Keynes's old estate, Tilton House. Few scholars would have the guts to repudiate the theory of the man they adore.