The General Theory was not truly revolutionary at all but merely old and oft-refuted mercantilist and inflationist fallacies dressed up in shiny new garb, replete with newly constructed and largely incomprehensible jargon.

There are few genuine conservatives within the U.S. political system, and it is a sign of the intellectual corruption of the age that the honorable term ‘conservatism’ can be appropriated to disguise the advocacy of...