Kevin_Kennedy
Defend Liberty
- Aug 27, 2008
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In a recent debate, prominent Keynesian professor and blogger Brad DeLong claimed that the Austrian explanation of the business cycle "does not work as an intellectual enterprise."
DeLong quotes Paul Krugman who, back in December, apparently dealt the Austrian diagnosis a crushing defeat on both theoretical and empirical grounds.
Austrians Can Explain the Boom and the Bust - Robert P. Murphy - Mises Institute
This is a great article, and very timely as I was just explaining earlier this morning that mainstream economists believe that the boom period was normal and that they're taking the steps to try and bring us back to that period. Which, of course, would only set us up for a bigger bust down the road. This article goes into far more detail.