Milton Friedman, who was a graduate student at Columbia and the University of Chicago at the time, recounted that he and his generation were not convinced by the proposition that “you just have to let the bottom drop out of the world.” He concluded that by encouraging a “donothing policy both in Britain and the United States,” Hayek and Robbins “did harm.” … By the end of the de cade only two or three Hayekians were left at the LSE. … Hayek himself, noting the profession’s turn toward macroeconomics and econometrics after the publication of The General Theory, acknowledged that he became perceived as “oldfashioned, with no sympathy for modern ideas.”

Angus Burgin, The Great Persuasion, loc. 82