I don't want to veer off topic of the board, but we did have some discussion over Rand's seemingly embracing ... though more like the sterotype of the tentative virgin... and the impact on the upcoming elections. Personally, I think Rand will tap dance away after giving the quasi-libertarians just a taste, but I came across this link that I think foreshadowed Milton Friedman's work.
As the conclusion notes, an OVERSIMPLIFIED view would be the criticism of the Austrian school - that they might know what caused deflation, but they've not a clue as to what to do to get out of it - and Keynes - who knew how to get out of it by socializing the world economy - but who had no clue as to how to avoid deflation.
Who Anticipated the Great Depression? Gustav Cassel versus Keynes and Hayek on the Interwar Gold Standard - IRWIN - 2014 - Journal of Money, Credit and Banking - Wiley Online Library
As the conclusion notes, an OVERSIMPLIFIED view would be the criticism of the Austrian school - that they might know what caused deflation, but they've not a clue as to what to do to get out of it - and Keynes - who knew how to get out of it by socializing the world economy - but who had no clue as to how to avoid deflation.
Who Anticipated the Great Depression? Gustav Cassel versus Keynes and Hayek on the Interwar Gold Standard - IRWIN - 2014 - Journal of Money, Credit and Banking - Wiley Online Library
