Wednesday, March 4, 2015

Austrian School Economists Still Have Much Work to Do

And they are doing it.

The best way to understand the weakness of Keynesian economics and the General Theory is to read Henry Hazlitt's brilliant page-by-page critique, The Failure of the New Economics.


1 comment:

  1. I submit that the simplest and most effective attack on the Keynesians for the benefit of laypeople is to point how how they are afraid to engage basic concepts such as calculation and miscalculation in their "analysis". They run from any analysis of the Great Depression as a holdover of WWI central bank money shenanigans. This includes Keynes as well. They now run from the same analysis of the current mess, attacking only various incorrect CPI predictions. If these guys are so insightful, where's the direct engagement of their opponents' main argument?