Keynesian Economics and Austrian Economics in Just 8 Words
Dec. 6, 2011
Every movement needs a USP: a unique selling proposition. The Keynesians have one. So does the Austrian School. Here they are.
Keynesianism: Federal deficits overcome recessions.Austrianism: Lower taxes promote liberty.
You can see my analysis of the two USPs: a speech I gave at the Mises Institute in the fall of 2010. I am convinced that Keynesian economics will be abandoned when the Great Default comes, but it will take time for the classroom Keynesians to die off. They have tenure.