One fake authority on the history of economic ideas quotes another

Paul Krugman is at it again.  William Anderson fires back.

It’s remarkable how academics are happy to exploit their very narrow scholarly authority to blow smoke in areas of where they have no competence whatever.  It’s clear that Krugman has never read a word of Hayek, Horwitz, White, Selgin, Garrison or any other Hayekian macroeconomist.  Why does he continue to fake otherwise?

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2 Responses to One fake authority on the history of economic ideas quotes another

  1. Troy Camplin says:

    Because he’s trying to fool the masses who haven’t read them, either.

  2. Don the libertarian Democrat says:

    This is my favorite paper on the subject:

    http://economics.sbs.ohio-state.edu/jmcb/jmcb/07056/07056.pdf

    LAWRENCE H. WHITE
    Did Hayek and Robbins Deepen the Great Depression?
    Contrary to some accounts, the Hayek-Robbins (“Austrian”) theory of the
    business cycle did not prescribe a monetary policy of “liquidationism” in
    the sense of passive indifference to sharp deflation during the early years
    of the Great Depression. There is no evidence that Hayek or Robbins
    influenced any “liquidationist” in the Hoover administration or the Federal
    Reserve System. Federal Reserve policy during the Great Depression was
    instead influenced by the real bills doctrine, which (despite some apparent
    similarities) was diametrically opposed in key respects to Hayek’s norms
    for central bank policy.

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