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Unintentionally Hilarious Line of the Week


WSJ Marketwatch's Darrell Delamaide worries about the Misesian takeover:

The U.S. economy has fared somewhat better than Europe precisely because Obama in his first term was able to get some stimulus spending passed, while Europe remains mired in the obsolete and discredited policies of the “Austrian” school of economics, which sees austerity as the answer to everything — much as medieval doctors saw leeching as the cure for all illness.

Of course, as EPJ points out, "austerity" in Europe mostly means tax increases, with no real reductions in government spending or government intervention in the economy. The essence of the Austrian program, right?

Peter G. Klein is Carl Menger Research Fellow of the Mises Institute and W. W. Caruth Chair and Professor of Entrepreneurship at Baylor University's Hankamer School of Business.

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