Re: Marx versus Keynes versus Hayek Forever and Ever

["John Gelles" <johng@xxxxxxxxxx>]

"What is important about Hayek is not his prescription,
  but his pioneering understanding of what was inherent
  in Marxist socialism that would cause it to fail."
            -- William Mandel, defending the right


        "The Road to Serfdom" found the absence of the
        magic of market price to be a fatal flaw in Marx'
        plan for the "end of history" in his time.

        Hayek was dead wrong on that count. And, on
        balance, was wrong for his time.

        A dictatorship by representatives of a working
        class was Marx' fatal flaw. And the evils of
        dictatorship by leftists so angered Hayek he
        came close to chosing dictatorship by rightists.

        Market price is fine in small markets. Market
        price as part of a hard money system does not
        work to allocate resources to accomplish
        necessary goals if human progress is sought.

        Democracy can approach necessary goals,
        and it can design money and markets to serve
        them.

        Without hard money there is no price. With it
        there is no justice. Bill Mandel may have found
        Hayek. He would do well to lose him.

            John Gelles