It first came out in 1972, to wide acclaim. The Hayek parts are fantastic, of course. The surprise is the expert editing job by Professor Shenoy, which adds enormous value. In 192 pages, the book ended up being a total demolition by Hayek of the most baneful influence on economic science in the 20th century. It was published by the Institute of Economic Affairs but fell out of print.
This new Laissez Faire Books edition, made especially for the Laissez Faire Club, has an editorial preface by Jeffrey A. Tucker, LFB's executive editor, and a long and wonderful new foreword by John Papola, the co-maker of the magnificent Hayek-Keynes video series. Papola explains why Hayek had such a huge influence on his life and led him to make those now-famous videos.
In total, then, this is a priceless collection, one that will enlighten and save you from hopping up and down to your bookshelf. It strikes you as you read what a brilliant mind Hayek had, how tough-minded he really was, and just how off-base is Keynesian theory. You can get the metaphor of the title. What Keynesianism unleashes is wicked inflation that no one can control. This might be the essential guide to our future.
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