Last week, I pointed out some of the most glaring absurdities in Matthew Yglesias’s uniformed hit piece on the Austrian School of economics. In it, Yglesias, a Think Progress employee and Keynesian apologist, mischaracterizes virtually every major tenet of Austrian theory. (By the way, how many recessions must be created or exacerbated through the application of Keynesian policy prescriptions before the economics profession, as a whole, comes to the scientific conclusion that the Keynesian framework is deeply flawed and wholly incapable of producing healthy normative recommendations?)
I’ve just come across Sheldon Richman’s response to that hit piece in Reason Magazine (originally run in The Freeman). Richman, the venerable sage of the Foundation for Economic Education, America’s oldest economic think tank, recommends Yglesias’s column “because it’s highly informative-about what Austrian economics is not.”
For those who value truth over false propaganda, I recommend giving Richman’s response a read – because it’s highly informative about what Austrian economics is!