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Keynes, Friedman, and Higgs

The December 2011 edition of Cato Unbound features a lead essay by Tim Congdon, and reply essays by Dean Baker, Bob Hetzel (his still forthcoming), and myself.  In this, my first essay, I argue that “regime uncertainty” – as explained by Robert Higgs – has at least as much power as is packed by Keynesianism and monetarism to explain inadequate private investment.

Note especially the quotations, from Alfred P. Sloan and even Keynes, near the end of my essay that support Higgs’s thesis.