Hard To Be Impartial

If you’ve been following this blog or my Shared Google Reader Page, you may have noticed a trend. A lot of professional economists are taking some time to attack the Austrian school of economic thought. This is unusual – the Austrian school is usually just ignored. So what’s up?

My speculation is that more and more people are discovering Austrian economic thought. They’re motivated by the ever expanding government march to a Keynesian tune. As people discover Austrian economics, they question the validity of the conventional Keynesian wisdom. The Keynesians are getting defensive.

In my experience, successfully dealing with people requires understanding people’s self interest. If doubt is cast on Keynesian philosophy, many professional and credentialed economists will find that much of what they “know” and much of what they’ve done has lost value. This diminishes their future prospects. While they may profess the greatest academic purity and impartiality, it’s hard to be impartial when you have a dog in the fight.

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