Mises Daily
Author:
Robert P. Murphy
Online Publish Date:
Paul Krugman is despairing of late , because a growing number of mainstream economists are adopting (versions of) Austrian business-cycle theory. The most recent convert is Minneapolis Fed president Narayana Kocherlakota. Krugman uses the occasion to criticize what he derides as “the hangover theory” of economic slumps, in which high unemployment