Paul Krugman is an eminent economist, but he here reveals a woefully inadequate understanding of Austrian business cycle theory. The rudiments of the theory are easy one might have thought that even a Keynesian could grasp them.
With huge segments of the world economy mired in depression, can we conclude that capitalism has failed or that the market behaves irrationally? That seems to be the consensus among many commentators, so we hear a wide range of calls for government intervention to patch things up.
An Austrian explains why Japan cannot shake off its dreadful recession.
When the IMF declares a country an "economic miracle," look out. A financial crisis cannot be far behind.
President Roosevelt ran against government spending and deficits, but once in office acted like a dictator.
Roosevelt overthrew the traditional limits on government's role and instituted central planning and welfarism in every sector of the economy.
In contrast to conventional wisdom, from Keynesian to monetarist to eclectic, Austrian theory has recently triumphed over its host of detractors in the following ways.
