The title should be no surprise by now. Paul Krugman–arch-Keynesian–is once again misrepresenting what Austrian economics is. Krugman thinks the recent financial crisis can test (and prove) the superiority of Keynes prescriptions for an ailing economy.
Before we delve into the specifics, consider the alternatives Krugman proposes: classical economics (he considers Austrian among them) and…
Tag Archives | Austrian Economics
Krugman does not understand Austrian Economics
The Origin of Money
A few weeks ago a blogger at CNBC discussed the relative merits of Austrian monetary theory in comparison to modern monetary theory (MMT). The issue at stake is the origins of money: Austrians highlight the fact money comes into existence as the medium of exchange, while MMT points to governments requiring people to pay taxes…
Keynesianism is Against the Law, Say’s Law
As the recession continues, economists like Laura D’Andrea Tyson, the Chair of the Council of Economic Advisors under President Clinton, advocates spending as the pathway out of our economic banana. In her latest post on the New York Times economics blog, Tyson tells us that in order for the economy to recover we need an…
The Only Supporters of a Free Market are Children!
Those of us who are mature, sophisticated, and all grown up know that without government regulation we would all live in slums and be poisoned by the food we eat. Or so Huffington Post writer Carl Gibson would like you to think in his hit piece on Ron Paul’s free market ideas. In this article,…
Huffington Post takes a shot at Austrians
There seems to be a growing trend in economics news: discredit Austrian economics. Slate did it about a week ago, and The Huffington Post, not to be outdone, did the same thing. The themes are similar, Austrians are kooky and wrong. Unfortunately, the authors fail to comprehend what Austrians are saying.
“For them [Austrians], one…
Follow-up on Slate
Krlatham’s piece on this Slate article is excellent, and exposes most of the strawmen and mischaracterizations in Yglesias’ article. However, the article was so badly misinformed it deserves a few follow-up comments.
“He was referring to so-called “Austrian economics,” an idiosyncratic passion of his and a set of beliefs that put him at odds with…
Did The Economist Present Austrian Theory Accurately?
As krlatham pointed out yesterday, it is wonderful to see the Austrian school get a shout out in such a noted publication as The Economist. While it is true, in a sense, that all publicity is good publicity, there were some shortcomings in The Economist’s representation of Austrian theory.
The author writes that “Austrians see…
The Economist Speaks!
http://www.economist.com/node/21542174
Is fiscal stimulus not working? Then do more of it, say the neo-chartalists. Are monopolies and price controls a problem? Then get rid of the central bank’s monopoly in setting the price of credit and the supply of government money, say the Austrians
The Economist, beloved and respected throughout the profession, ridiculed by outsiders…
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Unlearning Economics
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MIT Economist, Former IMF Chief Engages Ron Paul on Banking and Makes an Interventionist Mistake
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The Monopoly Bogeyman
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How My Naïve Perception of the Economics Profession Eventually Changed
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Tenets of Economic Faith
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Economics as Religion: The Paradox of Self-Interest
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Waging War on Work
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The Dark Side of Monetary Inflation
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In Praise of Speculators
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Chris A: With due respect Nicholas, I think is has zero int...
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Nicholas Freiling: Chris, What effect do you think economic inter-...
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David: Doesn't the Fed increase the money supply by purc...
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