I recently came across a copy of The Economists from July 18-24, and was intrigued by the cover "Modern Economic Theory: Where it went wrong-and how the crisis is changing it". I opened to read two articles
The state of economics: The other-worldly philosophers and Financial economics: Efficiency and beyond. I wasn't shocked to read the mentions of the failure of Krugman and Bernanke to foresee the "crisis", but I WAS shocked that such a publication missed the opportunity to cite Mises, Schiff and Woods in explaining WHY Krugman and Bernanke were wrong. The Economists made no mention of Austrian Economics or the underlying issues that caused the "meltdown" - easy money from a Central Bank, thanks to artificially low interest rates and a mad-hatter style printing press.
- Helping ensure a FREE PRESS for the FREEDOM MOVEMENT
Exactly as you have stated...no mention of Austrian economics since they've all been schooled in Keynesian economics for a reason... the man behind the curtain wants to control the illusion because "control" is the driving force behind everything he does. But more folks are on to their game now...Good post on your part - Keep illuminating! :)
ReplyDeleteI'm shocked that you're so shocked. Mises et al. have been ignored for a long time. But on another note: Could it be that the Austrian Economists' ability to explain what's wrong with with the world has been a bit over rated?
ReplyDeleteI know that Mises and Austrian Economics has been ignored by the "mainstream"; I would have expected a publication titled "The Economist" to have covered another economic theory.
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