New Monetarism vs. Friedman vs. Hayek vs. Keynes

Here is some intellectual history by a conservative economist who greatly admires Hayek and even thinks that Hayek's macroeconomic theories have some merit even if they are weaker than many others.  I predict/hope that this is a sign of where a new macroeconomic consensus may be heading.  Conservative economists are promoting NGDP targeting and liberals have no problem with it even though many would also like more government spending during a liquidity-trap recession.  The thing that surprised me the most during the 2008 recession is how little conservative economists promoted tax cuts as a fiscal stimulus like they did in the 2001 and 1990 recessions.   David Glasner:

First, it was the Keynes v. Hayek rap video, and then came the even more vulgar and tasteless Keynes v. Hayek sequel video reducing the two hyperintellectuals to prize fighters.

See the rest at Medianism.org