Meet the Economists Who Have Explained Every Crisis Of the Last Century (No, Krugman Isn't One Of Them)
Meet the Economists Who Have Explained Every Crisis Of the Last Century (No, Krugman Isn't One Of Them)
Many people still believe the
economic mess we wallow in was either unpredictable or caused by massive
deregulation — despite the fact that government activity never really decreased. Both assertions are false. Every single
economic crisis of the past 100 years was predictable (and sometimes
predicted) and caused by government intervention in the economy.
In fact, it seems some people in 2013 have started realizing it. Dr. Emanuele Canegrati, senior economist for the Italian Parliament, even went on to say
that Ludwig Von Mises, late Austrian-born U.S. economist, and his
Austrian School of economics were right with their theories on economic
cycles and inflation.What is this theory? Despite what Keynesians like Paul Krugman claim, Austrian economics is not a cult. It is a serious science based on praxeology, or the study of human action and choice. Unlike atoms or animals in laboratories, it is nearly impossible to study the actions of humans in an experimental setting, since it is nearly impossible to have ceteris paribus (everything else remaining equal) conditions. Therefore, praxeology can only analyze the effects, not the motivations, of human behavior. Nonetheless, it goes a long way toward explaining the theories of Austrian economics.
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