Hayek and Keynes Debating in Wonderland

by Thomas McQuade

Here’s what Alice might have recited to the Caterpillar, had Charles Dodgson been a 20th century economist of sorts:

You are old, Maynard Keynes, and your theory’s askew,
It’s easy for one to see through it –
Yet everyone thinks that you’ve said something new.
Just how did you manage to do it?

In my youth, said the sage, I dabbled in stock,
For serious profits contesting,
And it wasn’t too long but I saw what a crock
Was the classical take on investing. Continue reading