The Corner

NYT on the Austrian School

From a NYT piece on Ron Paul:

It was “The Road to Serfdom” by Friedrich Hayek that became the ur-text of Mr. Paul’s emerging ideology, introducing him to Austrian economics and its Manichaean choice between laissez-faire capitalism and a government-run economy destined for disaster. (Mainstream economists have long dismissed the Austrian school, but it retains a devoted following among libertarians and some conservatives.)

I guess it depends what you mean by “mainstream” and “Austrian school,” given those Nobel prizes for Friedrich Hayek, James Buchanan, and Milton Friedman. I’m not saying that the Austrian school is dominant or anything like that, and there are many –sometimes conflicting — views that one might identify as Austrian, but this strikes me as awfully glib, no?

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