E.J. Dionne on the failure of conservative economics
Posted by AzBlueMeanie:
Conservative economics is taking the ass-whooping it so richly deserves today. First Paul Krugman, now E.J. Dionne of the Washington Post weighs in. An economic school has led to gridlock in Washington:
One of my favorite moments during the 2012 Republican presidential contest came when Ron Paul, fresh from his strong showing in Iowa, triumphantly told his supporters: “We’re all Austrians now!”
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Of course those in the know, particularly Ron Paul’s enthusiasts, understood the libertarian presidential candidate’s reference: that Americans were rejecting the economic ideas of John Maynard Keynes that encouraged government intervention and provided intellectual ballast for the New Deal. Instead, they were coming around to the principles of the anti-government economics of Austrians Friedrich A. Hayek and Ludwig von Mises.