Begging to differ …

… The War over Hayek’s Intellectual Legacy: A Response to John Gray | Foundation for Economic Education. (Hat tip, Dave Lull.)

Gray’s claim that we know of speculative market bubbles from before the dawn of central banking is false. The earliest speculative bubbles are “tulip mania” in 17th-century Holland and the South Sea Company and Mississippi Company bubbles in the early 18th. All three conform to Hayek’s theory.