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NOTE How do the theories of Mises and Hayek differ?

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The Mises-Hayek approach then is a sort of public policy that emerges from the Mises-Hayek position.

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It's virtually the direct opposite of the Keynesian policy.

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In other words, the Keynesian policy is, if there's a recession you pump spending in or you pump money in,

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if there's an inflation you take money out.

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The Austrian view is, if there's an inflation, first of all, stop inflating,

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which means stop creating new money and credit through the government's controlled banking system.

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And if there's a recession, don't do anything about it and let it work itself out as quickly as possible.