Friday, April 1, 2011

Report: Mises and Hayek Proved Wrong

It reads like a Paul Krugman column, but the only people that have actually proved the theories of Ludwig von Mises and Friedrich Hayek wrong appear to be the writers for The Onion.

The Onion pulls no punches, mentioning Mises and Hayek by name, in a headline story.

Reached at his office, a source familiar with both Austrian economics and The Onion questioned who might be funding The Onion. The source further questioned the empirical methods used by the mainstream economists Joseph Stiglitz and Greg Mankiw, who are also quoted in the report. The source stated that it is not surprising that elitists Stiglitz and Mankiw would claim ignorance of anyone ever eating an Edible Arrangements product (the subject of the controversy). The source went on to point out that the firm was indeed heroic in surving in such a regulated economy and without a penny of Federal Reserve bailout money.


In all seriousness, when Mises and Hayek make it into mainstream satire, like The Onion, it is clear the understanding of Misesian economics is growing. 

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