"Hayek cut a silly figure: a tall, erect, thickly accented professor in high-cut tweed, insisting on the formal “Von Hayek” but cruelly nicknamed “Mr Fluctooations” behind his back. In 1936, he was an academic without a portfolio and with no obvious future. Yet we now live in Hayek’s world, as we once lived in Keynes’s. Lawrence Summers, the Clinton adviser and former president of Harvard University, has said that Hayek’s conception of the price system as a mind is “as penetrating and original an idea as microeconomics produced in the 20th century” and “the single most important thing to learn from an economics course today”. This undersells it. Keynes did not make or predict the cold war, but his thinking wended its way into every aspect of the cold-war world; so too has Hayek’s thinking woven itself into every aspect of the post-1989 world."