I remember this line from Great Society. Just curious — what would Hayek’s retort be?
Philosophy of Keynes: Treat businesses not like villains but like domestic animals, Keynes said to FDR. They'll live with being herded and milked. But don't scare them and "chase them around the lot" every other week.
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Treat them like cows to be milked...wow, politicians really took that advice and ran with it.
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Really enjoying "The Great Society," by the way.
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Just reading about GE in your book—guess one of the cows started domesticating back a little :)
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"Ox gore"
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Dear Amity Shlaes, you have lifted my spirits during this lockdown which makes me feel my God-given freedom rights have been taken away from me. Thank you
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His take was at least pragmatic and better than many politicians today.
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4/4 rise to the new assumption that individuals could not be expected to rely on themselves alone in providing for their economic security. This new assumption, in turn, led to a large and active role for the national government in helping individuals meet their daily needs.
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3/4 As a result of the Great Depression, the idea that government should be small and inactive was largely abandoned. Moreover, the ideal of the free individual underwent some very important changes. The widespread unemployment and other economic hardships of the Depression gave
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