Cultonomics and the Austrian School

Originally posted on July 31, 2014

Mainstream economists have long derided the Austrian School as a “cult”. Professor Walter Block recounts stories from Nobelists Gary Becker and James Buchanan off-handedly referring to the cultish Austrians. When pressed by Professor Block, Becker said, “By a cult I mean a small number of dedicated followers who speak mainly to each other, and interact little with let us call them mainstream economists.”

Nobelist Paul Krugman just last week gloated over Noah Smith’s attacks on the “hermetic system that is Austrians”. And onMonday, Krugman once again lambasted the Austrians as “as the floating crap game — the same 30 or 40 people meeting in conferences all over the world, reading and citing each others’ work”.

Oh wait. He was actually talking about mainstream economists. Here’s the full quote: Continue reading “Cultonomics and the Austrian School”