Austrian Economics in the WSJ … AgainMonday, June 28, 2010
Russ Roberts of George Mason University has another solid piece in the Wall Street Journal: “Why Friedrich Hayek is Making a Comeback: With the failure of Keynesian stimulus, the late Austrian economist’s ideas on state power and crony capitalism are getting a new hearing.”
This is a nice rundown on Hayek for beginners, and even Mises gets a mention. My only complaint about the article is that Roberts refuses to acknowledge that, yes, centralizing power within the federal government does lead to totalitarianism. Roberts also states, “I don’t know if we’re on the road to serfdom….”, and my response is that we are already well down that road, and it’s ludicrous to say otherwise. But then again, the piece was edited for mainstream eyes that would shudder at this candid confession.