Hayek was an economist that taught just the opposite, teaching the results of government central planning the economy and trying to spend its way out of a boom-bust cycle, which was created by a previous boom-bust cycle.
This little video attempts to show the different positions.
The Keynesian ideas that most of the world is following today, will lead to a bigger bust as many nations continue to print there way closer to hyperinflation.
Just yesterday, China is starting to realize they are headed in the wrong direction as they told their banks to cut down on lending and start raising capital. Eventually, they will have to drop their peg to the dollar to stop the massive inflation they are dealing with.
When they do that, the dollar will sink and the inflation that we have been exporting will come home.
At the same time, we have Obama projecting to spend another 1.35T in deficits in 2010 and creating new stimulus packages for the middle class. This is a madmans approach to economics and we are headed for a BIG bust.