We are between Pre-COVID and Post-COVID economies. Governments across the globe intervened with the idea of freezing the economy so the economy could emerge the same after the virus passed, if a bit damaged. All will be back to normal. The global governmental reaction to the pandemic of ordering shut downs and offering stimulus packages is historically the largest peacetime government economic interference. The gradual disintermediation of the middlemen with the application of technology was happening in measured steps. As a result of governments’ interference, it is now happening at lightening speed. Many traumatised companies and industries are unable to adapt and will not survive. This is the Shock-COVID economy.
Losing a scholarly debate or two is not the worst that can befall a human being of talent, and Hayek was not destroyed. He went on to publish brilliant work in subsequent years. But within the economics profession it is no secret that Hayek was an academic outcast, a throwback, a marginal character whose ideas had been neatly disproven to all reasonable men in the scientific journals of his day. But then something bizarre happened. The late 20th century decided to provide a reality check on the academic scribblers.