Jonah: What I know about economics, you could write out longhand on one of

Milton Friedman’s pinkie nails, but I’m not sure that Keynesianism is

fundamentally wrong-headed. It is only that it is of limited application;

and that, once adopted, it entrenches itself, for psychological and

political reasons, and overstays its welcome. In the catastrophically

deflationary circumstances of the 1930s, Keynesianism was a pretty good

idea. At any rate, nobody seems to have had a better one…. I *did* read

Roads to Serfdom 20+ yrs ago, and as I recall the thing that got Hayek

frothing was not so much Keynesianism per se as PLANNING. Which is not the

same thing.