Paging Bob Murphy: time to resurrect your incredulity at the claim by Sumner that Hayek is on his side.
I can't think of a much more un-Hayekian statement than "it doesn't matter where the money is injected". For some reason Greg Ransom is retweeting this.
I am able to go to sleep at night by telling myself that it does matter where the money is injected, but we inject it in pretty reasonable places and to the extent that the injection does cause real distortions that problem is completely swamped by the aggregate demand benefits of doing the injection.
The Medicare “Doc Fix” That Isn’t
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