A Tiger by the Tail

F.A. Hayek said that his biggest remorse was that he never wrote a book-length refutation of Keynesian economics. He doubted the influence of Keynesian planning, and he had already refuted Keynes’ early ideas, so he focused on other projects.

Economist Sudha Shenoy decided to do Hayek, and the world, a favor and collect his most penetrating writings against Keynesian ideas. Throughout his 40 years of writing, Hayek had written extensively on Keynesianism, but not in one place. A Tiger by the Tail is Shenoy’s attempt to compile his ideas in one place and link them together with explanations and analysis.

The book proves to be a total leveling of the Keynesian paradigm by the Nobel laureate. Throughout the book, the metaphor in the title is clear: Keynesian ideas unleash inflation that no one can control.

This may be Hayek at his best.