The Austere Land
The domestic exile of John Maynard Keynes.
Robert Skidelsky
June 22, 2012
AS AUSTERITY POLICIES took hold in most of Europe, a Hayekian “money-glut” analysis of the origins of the slump replaced the Keynesian “savings-glut” one. According to Friedrich Hayek, slumps result from overly loose monetary policy. Excessive money-creation by the central bank makes it possible for banks to lend more than the public wants to save.
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