What??? I have only been studying this for a short while, but even I know this a gross misrepresentation - any comments?
Hayek was associated with the Austrian school, ascendant in the 19th and early 20th centuries, which argued that the private sector should be left free to carry out the task of any readjustment in a downturn. Faith in the market’s purging power served the U.S. well in the 19th century, when the economy emerged stronger after each recession, but was taken too far in the policy mix of tight money and high taxes that led to the Great Depression and the rise of the Keynesians.
http://www.newsweek.com/2010/11/28/a-return-to-economist-friedrich-hayek-s-ideas.html
Echo chamber. If you keep telling you and your ingroup the same distorted version of history it becomes the official truth. Think about it from his perspective and imagine that you have invested thousands of hours abiding by an economic worldview that's questionable. What would you do?
Think about it from his perspective and imagine that you have invested thousands of hours abiding by an economic worldview that's questionable. What would you do?
Of course - did you note his position?
Sharma is head of Emerging Markets at Morgan Stanley Investment Management.
Yes it isn't as if the head of a bank would run around screaming about how fractional reserve is really legalised counterfeiting.