Originally posted on mises.ca on October 17, 2013
It’s that time of year again: when Austriansspontaneously organize to collectively commit to disparaging the work and reputations of highly esteemed professional economists. For a sampling of what others have had to say, see here and here. This is my humble contribution to this storied tradition.
The Committee of the Swedish Riksbank Prize in Economic Sciences in Memory of Alfred Nobel decided this year to honour the works of three American economists: Robert Shiller of Yale, Eugene Fama of Chicago and Lars Peter Hansen of Chicago. All three are very well respected in the mainstream of the profession. And while there are many places that have summarized their contributions and beliefs, I present them here in their own words. (With my own quirky interpretation in parantheses.)
Here is Robert Shiller on the source of unemployment:
“Unemployment is a product of capitalism: people who are no longer needed are simply made redundant. On the traditional family farm, there was no unemployment.”