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Introduction to Austrian Economics
Podcast surveying the basic concepts of Austrian Economics.
Sheldon Richman
Keynes v. Hayek
Former U.S. Rep. Dick Armey has an excellent op-ed contrasting the views of Hayek and Keynes in today’s Wall Street Journal. “Washington Could Use Less Keynes and More Hayek” is here. A sample:
Hayek, who famously debated Keynes in a series of articles after the release of “General Theory,” gave what I believe to be the most devastating critique of government action to stimulate “aggregate demand.” Hayek viewed the boom and bust of the business cycle as primarily a monetary phenomenon created by governments’ artificial inflation of money and credit.
Comment by Carl Clegg on 5 February 2009:
“Let us first do no harm.” When’s the last time you heard a Senator say that? Watching washing “fix” the economy is kind of like watching 2 dozen firetrucks surrounding a tree and 100 firemen trying to get a single cat down from the top branch.
Comment by Coury D. on 11 March 2009:
So engrossed with the cat, they fail to notice the burning city behind them.