Thursday, January 30, 2014

Krugman Claims Mises Couldn’t Explain the Great Depression

Mises Daily: Thursday, January 30, 2014 by Joseph T. Salerno
First they ignore you, then they laugh at you, then they fight you, then you win. —Mahatma Gandhi
Final victory draws ever nearer for Austrian economics. Over the weekend, the New York Times, with its intellectual cachet rapidly waning and its finances in parlous straits, ran a tedious and rambling hit piece on Rand Paul. The article went out of its way to target the Mises Institute, the longtime home of mainline Austrian economics. Lew Rockwell’s response graciously accepted the honor associated with being recognized as a leading intellectual threat to establishment economics and the American welfare-warfare state by the regime’s leading media mouthpiece. Hard on the heels of the first Times article comes another attack on Austrian economics. This one appears in an op-edby house Keynesian Paul Krugman whose one-note diatribes have long ceased to outrage or amuse. Even Krugman’s title, “Soup Kitchens Caused the Great Depression,” has been recycled. And it is not rendered any less tired by the addition of “the AFF Edition,” an idiosyncratic acronym which, as Krugman is forced to explain in the first sentence of the text, means “Austrian Founding Fathers.”.....To Read More.....

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