An article in a recent issue of The Economist (“Sweet Land of Subsidy,” December 3rd to 9th, 2011, p. 42) tells the story of Iuka, Mississippi, a small community (2000 pop. 3,059) in Tishomingo County, where the local economic development foundation “invested” an unreported sum of the taxpayers’ money in the mid-1990s to build...
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Paul Krugman tells us that “Friedrich Hayek is not an important figure in the history of macroeconomics.” He insists that there were no Keynes-Hayek debates in the 1930s, that “Hayek essentially made a fool of himself early in the Great Depression, and that therefore “his ideas vanished from the professional discussion.” Krugman is not...
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