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Fear the Austrian Economists, Part I

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01/21/2014

Last week I noted the attack on Austrian economics at The Street, and on the Mises Institute specifically. It turns out the article I noted was the second article in a week warning readers to not look behind the curtain, and to ignore the killjoys of the Austrian School who refuse to break out the champagne to commemorate the Fed's final victory of the business cycle. This article from Jan 13 doesn't cite sources, so I'm not sure where the author gets his information to make this claim:

The Austrians celebrated monetarism as "conservative" in the 1960s, when "Chicago School" leader Milton Friedman used it to argue for tightening the money supply. Now, with outgoing Federal Reserve chairman Ben Bernanke having used the same theory against the "Great Recession," the policy is derided as "liberal."

Although the author is part right by noting that monetarism provided at least some of the justification for the wild money printing of the Bernanke era.

Ryan McMaken (@ryanmcmaken) is the editor of Mises Wire and The Austrian. Send him your article submissions, but read article guidelines first. Ryan has degrees in economics and political science from the University of Colorado, and was the economist for the Colorado Division of Housing from 2009 to 2014. He is the author of Commie Cowboys: The Bourgeoisie and the Nation-State in the Western Genre.

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