Names like Menger, Böhm-Bawerk, Wieser, Hayek, and Rothbard are well-known to adherents of the Austrian school of economics. Emil Kauder isn't one of those names, but Murray Rothbard brings his contributions to Austrian thinking to light.
Neoclassical economists have a rigid view of monopoly producers. Austrians recognize that the only monopolies that create problems have been nurtured by government intervention.
Forget Biden's claim that his government is "fighting inflation." His government is creating inflation, and in so doing robbing people of their savings and earnings.
Keynesians believe that if government spends more, it creates wealth in the process because it is "creating demand." But only wealth generation can create demand for goods.
When Paul Volcker was Fed chairman forty years ago, he did what was necessary to bring down inflation. Unfortunately, the current Fed leadership at best is engaging in Volcker Lite.
Modern socialists claim that Hitler's Nazi regime was the antithesis of socialism. Hitler would have disagreed, as he saw himself and his movement as being primarily socialist.
As prices rise, many people—including economists, who should know better—claim that price increases are inflation. They are not.
Rather than contributing to a "soft landing," raising interest rates will continue to destroy wealth.
Forget the talk from Biden and economists like Paul Krugman. Double-digit inflation is here, and it will be with us for a while.
As the US political landscape shifts rapidly and college economics departments become increasingly hostile, the way we teach free-market economics will change.
