Keynes, Friedman Give Way to Hayek

Bloomberg reports:

Every economist has his day.

World War II was the era of John Maynard Keynes, who taught that a few great minds can improve an economy. The 1990s were the era of Milton Friedman, when markets proved they had the capacity to slip past government and regulatory obstacles.

The next few years? They belong to Hayek, and for that we can thank the effort to pass the health-care bill.

Friedrich von Hayek literally was an Austrian, born in Vienna in 1899. But Hayek also was a member of the Austrian school of economics, that group of scholars who built models that tried to explain the business cycle.

Another great one from Amity Shlaes.