Keynes vs. Friedman: The Battle Rages On

Prior to the Great Recession, Keynesian economics was pretty much discredited everywhere but in the halls of academia. But, as we've highlighted in prior issues, the interventionist, demand-side theories of John Maynard Keynes have recently reasserted themselves with a vengeance. Meanwhile, the free market, supply-side approach favored by those who revere Milton Friedman has been marginalized. But that's not the end of the story. The failure of Keynesian policies to revive the economy has undermined confidence and set in motion the forces that promise to return supply-.....