I remember reading Hayek's, "The Road to Serfdom" in college. It is an attack on soviet style central planning, which no one I know is in favor of.
(Of course now if you Google "Hayek" all you get is pictures of Selma Hayek's breasts -- which is actually more interesting than the book, and probably better for the economy overall.)
By the way Jim, George Will's erudite arguments never follow: They never run A-B-C-D-E, always C-A-D#-E.
1) It turns out that recessions are good; they cull out weak competitors.
2) Recent speculative bubbles, caused by poor oversight, have resulted in a colossal recession and high unemployment.
3) Ultimately this recession may put the economy on the right track. There is no reason to be unduly concerned about temporary high rates of unemployment which will be sorted out by market forces.
4) We should take this opportunity to cut taxes on the rich, because there is not an insurmountable problem, and all taxes are a drag on the economy.
(If you listen closely and give it the right cadence, you can almost hear George Will's voice.)
You can't push a string. You can either stimulate the economy now or enjoy a 10-year economic depression. I guess some people would prefer a depression to a second term for Obama.
Ron Paul, was smart enough to understand the Libertarian argument and stay on track. His Tea Party offspring are spouting gibberish.