In the small but feisty emerging community of academic Austrian economists
, Garrison was omnipresent and played a significant role in navigating a "middle ground" for those inspired to do research in the Austrian tradition.
Addressing the national deficit does not necessarily fix the problems of national debt--only tax reform and demanding that Congress, which actually controls the budget and all fiscal allocations not the President, act responsibly instead of following the failed economic policies of pre-WWII Austrian economists
may read the chapters on the Austrian school, Austrian monetary economics, and Kirznerian entrepreneurship theory with mixed feelings.
In contrast, Ron Paul-style libertarianism, guided by the insights of Ludwig von Mises and other Austrian economists
, recognizes that any attempt to impose an integrated vision of government is doomed to failure.
Rand agrees with the Austrian economists
that the concept of value is only meaningful in relationship to some valuing consciousness.
He notes that Austrian economists
recognize that the free market facilitates economic order resulting from a multitude of decisions made by individual entrepreneurs, capitalists, workers, landowners, and social organizations, not from the result of a central economic plan.
This is important because Austrian economists
mostly focus on the role of market prices in shaping economic processes.
Putting Austrian economists
in dialogue with other traditions, this volume collects 11 papers on the problem of experts and monopolies of knowledge.
Hayek was still trying to work out, as young Austrian economists
still do today, the effects of monetary policy, via interest rates, on the structure of production.
The truth is, there are many Austrian economists
, including those who co-founded and are associated with NIA, who did see the panic of 2008 coming.
Forster and Lionel Trilling (liberals), Richard Weaver and Russell Kirk (conservatives), and Jean-Francois Lyotard and Jean Baudrillard (postmodernists) would probably delight in Cantor and Cox's celebration of human complexity, although none of these critics, of course, would have considered themselves Austrian economists
Penn Bullock's otherwise good article on Ben Bernanke ("Bernanke's Philosopher," December) leaves the impression that all Austrian economists
reject Milton Friedman's view that the Fed's contraction of the money supply during the early 1930s was an important cause of the Great Depression and that all Austrians reject the notion that expanding the money supply is ever justified.