Wednesday, February 18, 2009

Not So Much Lazy... busy as all heck. I'm sorry, but times are frantic around here. I can't even get to email. For your daily Austrian fix, I recommend you take a ride over to Vox's site where he proceeds to tear Paul Krugman, the Nobel prize winning/know-nothing economist (I mean, seriously, what's a Nobel prize mean when Al Gore and Yasser Arafat get one?) a new one over his criticism of the Austrian school of economics. Actually, Krugman deserves it. He is unbelievably dismissive and clearly doesn't know what he's talking about. Nobody who knows much about Austrian economic theory thinks that just because Joseph Schumpeter is from Austria that he belongs to the Austrian school. That's like saying every economist who lives in Chicago is Chicago school. He also clearly doesn't understand the Austrian claim that monetary expansion distorts the pricing structure, causing the "overinvestment," which ought to be called malinvestment. Like all Keynesians, he is blinded by the myth of neutral money. Anway, head over to Vox's site. He does a more thorough job. Kudos to him...

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