When Economics Gets Political | Truthout

David Warsh finally says what someone needed to say: Friedrich Hayek is not an important figure in the history of macroeconomics.

“Certainly Hayek made a big impression on me and my friends, when, as young men, we read him in the 1970s,” Mr. Warsh, a journalist, wrote on his Web site, EconomicPrincipals.com, earlier this month. “We felt the same way about the Harvard philosopher Robert Nozick. With the passage of time, though, 19th-century liberalism has seemed, by itself, a less and less adequate framework with which to deal with the problems of the 21st century.”

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