Theory development is also a war over dominance – at the universities, in the media and in politics. The goals of Hayek’s war were expulsion of the Keynesians, liberalization of the financial markets, abandonment of full employment policy, dismantling the social state and weakening unions. His British rival John Maynard Keynes attacked the austerity policy and wage cuts.
Stephan Schulmeister urges a new navigation chart with guidelines oriented in Roosevelt’s New Deal and rejection of turbo speculation by introducing a general financial transactions tax. Economics is pluralist and not monolithic.
to read “How Economists Change the World” published on August 25, 2014, click on