The Economist: "Why is the Austrian explanation for the crisis so little discussed?"
The Economist has a short and interesting piece arguing that Austrian economics should be getting more attention given the nature of today's financial crisis. Here's the opening:
JOHN MAYNARD KEYNES is back. The British economist has modern intellectual champions in Paul Krugman and Robert Skidelsky. For all today's talk of austerity, a policy of Keynesian fiscal stimulus was adopted by most governments in the immediate aftermath of the credit crisis.
In contrast policymakers seem to show a lot less interest in the economic ideas of the "Austrian school" led by Ludwig von Mises and Friedrich Hayek, who once battled Keynes for intellectual supremacy. Yet the more you think about recent events, the odder that neglect seems.
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