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The Left vs. Austrian Business Cycle Theory

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Finally an attack on Meltdown. It comes from leftist Matthew Yglesias, whose knowledge of business cycle theory I leave you, dear readers, to judge for yourselves. The Austrian theory of the business cycle has been "superseded," our expert tells us. Yes, because the mainstream view of capital -- a gigantic, synchronous blob we can represent in a single magnitude -- is just so much more sophisticated than the Austrian, don't you know. (Ahem.)

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I'm on vacation or I'd write a full-fledged smash. That will have to wait a few days.

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