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To: d:oug who wrote (56799)	7/29/2000 11:44:39 AM
From: long-gone	Respond to of 117070

In testimony before the U.S. House Banking Committee, July 25, 2000, Alan Greenspan made the following (partially inaccurate) remarks on the Austrian School, in answer to a question posed by Ron Paul (R-TX): "Well, I'll be glad to give you a long academic discussion on the Austrian school and its implications with respect to modern views of how the economy works, having actually attended a seminar of Ludwig von Mises's [seminar] when he was probably 90 and I was a very small faction of that. So I was aware of a great deal of what those teachings were and a lot of them still are all right. "There's no question that they have been absorbed into the general view of the academic profession in many different ways and you can see a goodly part of the teachings of the Austrian school in many of the academic materials that come out in today's various journals, even though they are rarely, if ever, discussed in those terms. "We have an extraordinary economy with which we have to deal, both in the United States and the rest of the world. What we find over the generations is that the underlying forces which engender economic change themselves are changing all the time; human nature being the sole apparent constant throughout the whole process. And I think it's safe to say that economists generally continuously struggle to understand which particular structure is essentially defining what makes the economy likely to move in one direction or another in the period immediately ahead. And I would venture to say that that view continuously changes from one decade to the next. "We had views about inflation in the 1960s and, in fact, the desirability of a little inflation which we no longer hold anymore -- at least the vast majority no longer hold as being desirable. The general elements which contribute to stability in a market economy change from period to period, as we observe certain hypotheses about the way the system works do not square with reality. "So all I can say is that there is -- the long tentacles, you may say, of the Austrian school have reached far into the future from when most of them practiced and have had a profound and, in my judgment, probably an irreversible affect on how most mainstream economists think in this country." ----------- The new issue of the Independent Review (http://www.independent.org/tii/content/pubs/review/current.html) publishes articles by several Mises Institute scholars, including Jörg Guido Hülsmann weighing in against fractional-reserve banking. ------- During World War II and after, Ludwig von Mises wrote a series of applied essays dealing with crucial policy topics of the time. Many of the unpublished essays have now been collected as The Political Economy of International Reform and Reconstruction, edited with an introduction by Mises Institute adjunct scholar and Hillsdale College Professor Richard Ebeling, and published by Liberty Fund. As a work of economic history, and an example of how Mises dealt with pressing political issues as well as high theory, this volume is highly recommended. See www.mises.org/news.asp -------- Dominick Armentano's Antitrust: The Case for Repeal (Auburn: The Mises Institute, 1999) is now available in Czech, as published by the Liberal Institute in Prague. Armentano's book is not only the most compelling case for repealing antitrust currently available; it is also the only treatment of the Microsoft antitrust case that is rooted in a thoroughly Austrian, free-market position. Arementano also pens a brilliant blast against Joe Klein at mises.org ------- The LibertyFund (www.econlib.org) has put two seminal Mises works online: Socialism (1922) and The Theory of Money and Credit. Both have been added to the Complete Mises Bibliography at mises.org.