Spreading Hayek, Spurning Keynes

[Kevin_Kennedy]

Peter J. Boettke, shuffling around in a maroon velour track suit or faux-leather rubber shoes he calls "dress Crocs," hardly seems like the type to lead a revolution.

But the 50-year-old professor of economics at George Mason University in Virginia is emerging as the intellectual standard-bearer for the Austrian school of economics that opposes government intervention in markets and decries federal spending to prop up demand during times of crisis. Mr. Boettke, whose latest research explores people's ability to self-regulate, also is minting a new generation of disciples who are spreading the Austrian approach throughout academia, where it had long been left for dead.

Spreading Hayek, Spurning Keynes - WSJ.com

This is a pretty decent article relating to Austrian economics, but it makes some pretty ridiculous claims.

"But the 50-year-old professor of economics at George Mason University in Virginia is emerging as the intellectual standard-bearer for the Austrian school of economics..."

This is not the case whatsoever. If anybody is the "intellectual standard-bearer" for the Austrian school in the year 2010 it's Congressman Ron Paul.

"But as much as the Austrian diagnosis may resonate now, it doesn't provide a playbook for what to do next, which could limit its current resurgence.

Mr. Hayek rightly warned of the dangers of central planning, Mr. Boettke says, but "he didn't give a prescription for how to move from 'serfdom' back.""

And this is complete nonsense. The Austrian's do have a "playbook" for what to do next, and it's called letting the market restructure itself and then allowing it to function without interference from government.

 

[Oddball]

Hubba-hubba and huzzah!!

 

[Foxfyre]

On my way to bed but stopped by to subscribe to the thread. A subject of considerable interest to me. Hope it generates some discussion.

 

[Baruch Menachem]

a very good book. It proves a german can write lucid prose. It is very short, succinct, a fun read and a real eye opener.

Keynes lived in England, and expected all public officials to behave with victorian probity. Hayek lived in Habsburg Austria, and had none of Keynes' illusions about the honesty of the average public job holder.