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The Booms and Busts of Austrian Economics (Part II)
January 3rd, 2013
In the past few years the world—and the United States in particular—has witnessed a resurgence of the term “Austrian economics.” Last week I wrote a post about the academic history and resurgence of Austrian economics in the last few years. I wrote that the reason for this is that the school of thought actually does a fairly good job of both explaining and predicting the financial crisis of 2007-8. Yet while the Austrians have enjoyed a boom in their theories as they are able to explain the sources of the world’s crises, their proposed solutions are a bust....
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