By the late 1930s the approach to economics that Hayek and Robbins had incubated at the LSE was no longer prevalent even within their own department. Robbins was beginning to abandon his previous positions, while Hayek increasingly directed his attention to problems unrelated to his prior work on monetary theory. Hayek had foreshadowed the diffi - culties that precipitated this decline in his inaugural remarks at the LSE, which acknowledged that market advocates tended to dwell too much on criticisms of proposals for reform and to focus too little on elaborations of their own positive vision. … Market advocates, he determined, would need to do a better job of expounding the virtues of markets along with the vices of intervention, and of clarifying those points where moderation of the market mechanism would be necessary and benefi cial. … Although Hayek's writings on the immediate prospects for the economy were unfailingly grim, he retained an extraordinary confi dence in the capacity of his ideas to alter the longterm course of events.

Angus Burgin, The Great Persuasion, loc. 85