A Tiger by the Tail is the book on Keynesian economics that F.A. Hayek never wrote.

Near the end of his life Hayek lamented that in a lifetime of scholarship he had never written a book-length refutation of Keynesian economics. He had seriously doubted that Keynesian-style planning would ever captivate governments, so he had focused on different things.

Economist Sudha Shenoy decided to rectify the problem. As a Hayek scholar, she noted that Hayek had in fact addressed Keynesian policy in scattered places throughout 40 years of writing. She decided to select the most poignant passages. She linked them all together with marvelous commentary and analysis.

And voila!

The Hayek parts are fantastic, of course. The surprise is the expert editing by the late Professor Shenoy, which adds enormous value. The book is a total demolition by Hayek of the most baneful influence on economic science in the 20th century.

It strikes you what a brilliant mind Hayek had, how tough-minded he really was, and just how off base is Keynesian theory.

You can get the metaphor from the title. What Keynesianism unleashes is wicked inflation that no one can control. A Tiger by the Tail might be the essential guide to our future.

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• Business & InvestingEconomics

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