Great Article on Austrian Economics

This article is well worth the read.

“Peter, you have been mocked on all of these financial shows going back to 2005. Going back to 2005! Not only did you predict problems, you actually explained what was going to happen. Why didn’t anybody listen? You were Cassandra!” — MSNBC commentator Joe Scarborough to “Austrian school” economics adherent Peter Schiff on Morning Joe, March 25, 2009

Scarborough’s reference to Cassandra — the character from Greek mythology given the gift of prophecy and the curse that nobody would believe her predictions — was particularly apropos to the Austrian school of economic theory until the latest economic crash. The name of this free-market economic school acknowledges the fact that many of the school’s “founding fathers” were Austrian nationals and disciples of the Austrian economist Karl Menger. Of course, the “Austrian school” is not a school in the traditional sense of the word denoting a physical structure; the term defines those who believe in pure free-market economics and laissez-faire principles. The Austrian school has a long history of amazingly accurate economic predictions while at the same time being completely ignored by the political establishment and virtually ignored by the mainstream media. (Continue reading here).

Hat Tip: Lew Rockwell