Here's a panel discussion with F.A. Hayek in 1975, courtesy of the Mises Institute. Hayek has made three points that are ignored in today's policy discussion but that are nonetheless very, very relevant:

1. The crisis of the 70s was due to the policy prescriptions originating in the theory that insufficient aggregate demand is what causes recessions.

2. Inflation distorts relative prices, which draws resources (capital and labor) into lines of employment that they wouldn't be in without the inflation. Thus, further inflation is needed in order to keep them in those lines of employment. This is unsustainable in the long run. As I understand it, Hayek's emphasis on inflation-induced changes in the relative prices of factors of production doesn't get much play in macroeconomics. There were no index entries for "relative prices" in either of my grad macro textbooks (Romer's Advanced Macroeconomics, Blanchard & Fischer's Lectures on Macroeconomics). If I'm wrong, please let me know.

3. "Planning" flatters the intellectuals, who are attracted to the idea that a society is a machine that can be controlled, coordinated, and planned. Much like Adam Smith's "man of system" arranging pieces on a chessboard, the intellectuals to whom Hayek referred view societies as neat and orderly processes that can be tinkered with. I'm not convinced that we take Smith's insight that all of the pieces have their own principles of motion seriously enough, but that's another thought for another day (shameless plug: we'll discuss this in detail in my Classical & Marxian Political Economy course this Spring, and I'll be writing about it here and elsewhere).