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Economist John Cochran's latest on Phelps & McTeeter:

At the heart of Phelps�s misrepresentation or misinterpretation of Austrian business cycle theory is his capital theory and a lack of an appreciation for the important role of saving in the wealth creation process. Robert D. McTeer, �The Dismal Science? Hardly! (WSJ, June 4, 2003) makes a similar error in his defense of Keynes�s paradox of thrift, which he uses as an example of the fallacy of composition, �Individually, most consumers need to save more. But if all or many consumers start trying to save more, the economy will be in deep trouble.� McTeer, President of the Federal Reserve Bank of Dallas, fails to recognize that the paradox of thrift is just the broken window fallacy, which he does an excellent job of explaining, in a more subtle guise.