When the U.S.
economy dipped into an inflationary recession in 1969, Murray N. Rothbard in
his introduction to
the Second Edition of America’s Great Depression wrote that
the Keynesian paradigm could not explain that phenomenon, but Austrian
economics could explain what was happening. If Rothbard was correct —
and he was — then one might believe Keynesian “economics” should have been
deep-sixed permanently, given it could not explain what everyone saw happening.
Likewise,
during the turbulent 1970s and 1980, the bouts of inflationary recessions grew
worse and even die-hard political liberals such as ABC News’ economics
correspondence, Dan Cordtz, bemoaned the fact that the “rules of economics” no
longer seemed to apply. Those so-called rules were not laws of economics at
all, but rather were dogma first given by John Maynard Keynes in his infamous
work, The General Theory of Employment, Interest, and Money....To ReadMore....
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