Not to be too wishy-washy, but I think we need to be shooting for something more or less in the middle here.
This fight between Keynes and Hayek sounds like it's just more of the same old crap where we're being told that we can only choose between one extreme or the other. I reject the notion that the world is strictly binary.
Here's my basic position:
I'm a Capitalist because God's a Capitalist, but I believe in Appropriate Regulation because that's what God believes in.
By way of example (as a kinda of simplistic microcosm), my body requires a certain Income - I have to eat. And I have to eat enough to create a surplus (profit) so that I have the energy necessary to go out and find my next meal.
But, in order to stay healthy, my body functions have to be in balance, so God gave me a hypothalamus to regulate my body temperature, and a pancreas to regulate my blood sugar, etc.
As with everything I can think of, it's a matter of avoiding the logical extremes.
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