The only way the current bust and any future ones can possibly be mitigated is by following Rothbard’s explanation of the Great Depression and taking those lessons to heart, else we will be doomed to repeat the mistakes of the past.
The roots of Austrian economics go back to the great theologian Saint Thomas Aquinas, whose view of what constitutes a good was a prototype of Menger's pathbreaking theory of the good.
Responding to an attack on Ludwig von Mises in the socialist publication Jacobin, Professor Wiśniewski corrects the errors and sets the record straight.
Mainstream economists claim that Austrian economics is "discredited" because Austrians use deductive reasoning instead of employing complicated calculus and statistics. The irony is that Austrian analysis is better at explaining real-world economic phenomena.
