Source: AP Photo/Andrew Harnik
President Trump’s trade war with the rest of the world has energized new conservatives and inflated their egos. They see the future in an economy directed by Washington, D.C. And like their socialist counterparts, they must trash the science of economics in order to promote their goals.
Oren Cass’ article “Hayek’s Broken Promise” is the latest example. Cass, a senior fellow at the Manhattan Institute for Policy Research, claims that Hayek promised a trade balance if we allowed the market to work. Because the US has experienced decades of imports larger than exports, Cass concludes that Hayek broke his promise. But Cass only advertises his ignorance of economics and Hayek by publishing such claims.
