Why Friedrich Hayek is Making a Comeback

With the recent economic crisis the views of John Maynard Keynes have been resurrected by economists (I do not think politicians ever abandoned Keynes).  I have posted here before that invoking Keynes leads to examining the ideas of Friedrich Hayek.  During the 1930s Keynes and Hayek were the leading economists of the day and involved in a serious debate over macroeconomics with the regard to the causes, consequences, and solutions to business cycles. I am not a macro-economist and I would argue that it is in part because of Hayek.  He pointed out that the aggregation that Keynes suggested was too high and the relevant information to examine the economic condition is lost.  Thus, a microeconomic approach to macro issues.  However, Hayek is known for more than just his business cycle theory.  Economist Russ Roberts writes in the WSJ this week why Hayek is making a comeback. Roberts has been mentioned in this blog before for finding new an innovative ways to teach and share economic information.  His most recent venture is the rap video Fear the Boom and Bust that compares the views of Keynes and Hayek.