What's Missing from this Picture?
JULY 06, 2010 by SHELDON RICHMAN
Filed Under : Austrian Economics, Inflation
Washington Post economics columnist Robert Samuelson wrote last week:
[T]he [economic] crisis has also battered the logic of all major theories: Keynesianism, monetarism and “rational expectations.” Economics has become the shaky science; its intellectual chaos provides context for today’s policy disputes at home and abroad.
Nowhere does he mention Austrian economics. Had he been familiar with it and what Austrian economists have been saying about the crisis, he couldn’t have titled his column “Economics: The shaky science.”
Consult our archive to see how Austrian economists have analyzed the crisis and proposed a way out. Here, here, here, and here are good places to start. Those are articles by Mario Rizzo, Gerald O’Driscoll, and Roger Garrison. Search also for articles by Steven Horwitz, Robert Murphy, and Chidem Kurdas.