13 April 2011
The unbearable stupidity of economists
In uncovering a century of muddled thinking about money by economists one is not sure whom to begin with - the Keynesians, the monetarists or the Austrians -- such is the embarrassment of riches one is confronted with, if riches is the right word to use for the wealth of illogic in all three schools.
We begin with Murray Rothbard. For those not in the know, Rothbard is the third person in the holy trinity of Austrian economics, the first two being Carl Menger and Ludwig von Mises.
In his book, America's Great Depression Rothbard writes:
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