If you think that Friedrich von Hayek can be written out of the history of macroeconomics, you don’t deserve to be taken seriously. And even if you want to grant the proposition that Hayek “wasn’t an important macroeconomist in the mainstream sense of the title,” you still can’t escape the conclusion that he nevertheless was “a great economist, without any prefix.”
Relatedly, one really does tire of Paul Krugman trying everyday to misrepresent history underneath the banner of the New York Times.
UPDATE: Tyler Cowen: “I quite agree with Alex’s take on Hayek, and had drafted a post of my own, saying much the same thing. Eighty or so years later, people are still taking potshots at Prices and Production, among Hayek’s other works. Eighty years into the future, how many current Nobel Laureates will be receiving comparable attention?”