The Keynesian economist Nicholas Kaldor called Milton Friedman one of the two most evil men of the 20th century. (Friedman was in distinguished company.) The ‘scourge’ he inflicted on the world was monetarism, a product of what Kaldor called Friedman’s Big Lie – of which more later. Moral judgments aside, how does Friedman rank in
Despite being awarded a Nobel in economics in 1974, Friedrich Hayek was a great thinker rather than a great economist. He called himself a ‘muddler’. His own attempt to build an economic theory floundered. His major contribution was to emphasise the limitations of economic knowledge, and thus the inevitable frustration of efforts to build economic
The French economist, statistician and polymath Thomas Piketty sprang to fame in 2013 with a daunting tome, Capital in the Twenty- First Century. In it he documented a ‘fundamental force of divergence’ in the capitalist system, which he represented by the equation r>g — the tendency for returns to capital to grow faster than national
