Non-Austrian Economists Are Befuddled

Regarding phony exuberance over the 10k dow, I think genuine  confusion, rather than an attempt at  propaganda, is the motive of this over-the-top media coverage. This confusion was best summed by a fascinating article written by Paul Krugman several weeks back analyzing the flaws in establishment economic schools. Krugman conceded that Neo-Keynesian and Chicago School methodologies were deeply flawed, given their total inability to forsee the current crisis.

Perhaps I’m a bit naive, but I think that when the economy  sours again and the dollar depreciates to new lows — and I’m certain it  will — the Austrian School will have a real opening in the resulting  intellectual climate. 

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