Keynesianism vs Austrian economics

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Keynesianism vs Austrian economics

Innlegg Panther 28 Des 2010, 19:30

http://www.capitalismmagazine.com/economics/6206-paul-krugman-zombie-of-the-new-deal-era.html

Paul Krugman: Zombie of the New Deal Era
25 December 2010 Neeraj Chaudhary

Mr. Krugman is the guardian of a system that died a long time ago. He is the walking undead of the New Deal era. He advocates for an economic system that feeds off the productive strata of society to support the unproductive.

Here we go again. This week, Paul Krugman, the 2008 Nobel Prize winner in economics and the go-to guy for progressives who need a morale boost, launched another misguided attack on Austrian School economists. From his New York Times soapbox, he referred to the free-market Austrian "hard money" philosophy as a "zombie idea" that is inexplicably eating the brains of the voting public.


Austrian School economists are not zombies. Our philosophy promotes life, liberty, and prosperity - last time I checked these are not the goals which get zombies up in the morning. Meanwhile, economists such as Mr. Krugman continue to argue for lower interest rates, more intervention, more spending, and larger deficits. He advocates for an economic system that feeds off the productive strata of society to support the unproductive. Now there's a philosophy that any self-respecting zombie could support!

Where does it end, Mr. Krugman? At what point do we stop running our deficits and start to pay back the money that we have borrowed? At what point will enough wealth be extracted from producers to support your voracious appetite for spending? Perhaps you think we should we mindlessly devour the purchasing power of our fellow nations until there is nothing left, but what happens when they take a shotgun to our heads?
Ken-G. Johansen.
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