We students of Austrian economic theory have an uphill battle convincing people that free market ideas are better than other theories of how the world works. We get it daily from politicians, economists, academicians, the press, our neighbors, and even from various faiths. Almost all politicians support Neo-Keynesian—Neoclassical solutions to the problems they create. Even those who claim to be “free market” champions don’t get it right most of the time.
Earlier, I would have whole-heartedly endorsed this view. Now, after reading a strong critique of the Austrian School, I am not so sure. Oh, I don’t doubt the conclusion: the Neo-Keynesian model is the path to perdition. But you don’t have to use Austrian methodology to reach that conclusion. For some time, I’ve been troubled by the fact that Austrian logic drives us to conclusions that just don’t fit with my understanding of history and human nature. Could there be a flaw in the deep logic of Mises and Rothbard? I think the answer is yes. More thought is required.