Constantine Kipnis is not current with modern economics

Submitted by Bucephalus (United States), Apr 14, 2005 at 19:30

Reader Constantine Kipnis writes of Krugman, "Notice the dig at Hayek? How equal time for Hayek and Keynes is the same as creationism and evolution?"

The problem with this statement is that Hayek has no stature amongst economists, even amongst conservative ones. Hayek's ideas are no longer part of mainstream neoclassical economics. And there is no need for equal time for conservatives and liberals in economics, because economics is already quite suffused with free market ideas, and macroeconomics in particular is a blend of Milton Friedman and John Maynard Keynes.

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