No, the ivl econs are not dumb, the austrians didn't get a chance because of the language barrier, plus the keynesian message got distorted. Plus, the Austrian message is a tough one, hard to swallow.
What we have now is statism, worst of all.
Krugman, Delong, etc. Bernanke, think the ppress is the answer--that is easily disproven even if one is not an Austrian. But the Austrian thesis seems to fit reality best.
The trick is to avoid boom/bust, not to pour gasoline on it, as we have done.
Heinz is right,19th century liberal economics was the golden age, no pun, all downhill since 1913 and especially since 8/15/71 because, though we have indeed progressed, we are now going backwards.
IMO. |
