Yes, Hayek's Macro Is Bonkers. Why Do You…

& BRIEFLY NOTED: FOR 2022-02-18 Fr: I must say that the von Hayekian view here has always struck me as completely bonkers, and I don’t think that the very sharp Nicholas Wapshot does a good job here at characterizing it....Friedman thinks that a central bank should use the tools at its disposal... to keep shocks from disrupting the smooth total flow of purchasing power in the economy.... That, Friedman claims, is a “neutral”—a pro-free-market—monetary policy. Von Hayek says… nothing coherent... 

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