The Road to Serfdom
In 1931 Friedrich Hayek extensively critiqued Keynes's 1930 "Treatise on Money". After reading Hayek's "The Road to Serfdom", Keynes wrote to Hayek "Morally and philosophically I find myself in agreement with virtually the whole of it", but concluded the letter with the recommendation: On the pressing issue of the time, whether deficit spending could lift a country from depression, Keynes replied to Hayek's criticism in the following way: