Why I Am Not an Austrian Economist

Why I Am Not an Austrian Economist
My post on Bob Murphy's critique of Market Monetarism has triggered a slight discussion about Austrian economics. I do not consider myself as an Austrian economist, but I certainly have been inspired by reading the Austrian classics over the years - particularly Ludwig von Mises's "Human Action". That said, in terms of the development of monetary theory I do not believe that the Austrians have much to offer. When I talk about "Austrians" that do not include Free Banking theorists like George Selgin or Larry White. In fact I think that Market Monetarism and the Free Banking schools theoretically is very close. George do not consider himself to be Austrian, while I think Larry still says that he is Austrian inspired. Some years ago Bryan Caplan wrote an excellent piece on why he is not an Austrian. While I do not agree with everything Bryan says about the Austrians (and Children!) I nonetheless think his paper is pretty much spot on in the critique of Austrian thinking. (I stole the headline for this post from Bryan...) It should also be acknowledged that there is not one Austrian school, but a number of Austrian school - more or less dogmatic. Enough discussion of Austrian dogma - back to Market Monetarism...


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