Not an Austrian, but Jacek Rostowski does make some good points (NYT):

Mr. R.A. writes:

For years, the American political class has propose socialistic “solutions” to the problem of high prescription drug prices. Well, the market has found a way around the problem, as the New York Times Reports in its story “Canada Fills US Prescriptions Under the Counter.” What we have here is an example of free trade that benefits all consumers, but the pharmaceutical industry doesn’t like it one bit, for “public health” reasons of course. 

H.B writes concerning prescription prices (blogged here): “ I don’t understand the logic behind his reasoning. This isn’t free trade that benefits all consumers! This is an example of how price ceilings cause shortages. In this case, Canada has artificially lowered its pharmaceutical prices. If Americans consistently purchase drugs from Canada at these artificial prices, then the drug companies will be less inclined to devote resources to R&D. “

Those who have derided the Austrian school as a “cult” or as having “amen sessions” should see the Rothbard Graduate Seminar this week.  It is clear that Mises and Rothbard are held in high regard.

At the end of the WSJ piece (June 4, 2003) by Dallas Fed President ‘Sideshow Bob’ McTeer, the man who once proudly likened the ’New Economy’ to a slowly boiling frog which would stealthily make us more prosperous, who called the Bubble simply ‘too much froth’ on an otherwise welcome glass of beer, and who exhorted Americans to repair the damage wrought by the Twin Towers attack by ‘going out to buy an SUV’ (all quotes to be found

At the risk of committing the solecism of quoting myself (AEIOU, for those who understand!), in this context, I wrote in yesterday’s Capital Letter:-

‘We find it foolish to confuse falls in the price of certain selected items – especially those in temporary oversupply, or those subject to falling unit costs, such as station wagons and semi-conductors – with forced monetary contraction per se.

‘Jesper Koll, from Merrill Lynch (Japan), told a Minerals Council of Australia conference that reports of the imminent collapse of the Japanese banking system were nonsense.

‘Mr Koll said because interest rates were zero, banks were infinitely wealthy to the point they could buy a country.

• The feds are really going ahead: they want to indict Martha Stewart for the crime of wanting to sell her stocks on the expectation that they will go down in price. William Anderson has written a demolition of the case against her: “Government officials conveniently forget that the other stockholders were going to take losses anyway, thanks to the government’s own actions.