YES, HAYEKIAN ECONOMISTS HAVE EXPLAINED
Posted by PrestoPundit on 09/16/2008
for years how the government has been building an utterly unsustainable financial monstrosity. And I can’t think of a single Hayek trained economists who’s been caught by surprise by the collapse of this unsustainable system. The idiot savant mathematics scribblers in the “Top 10” economic departments can’t say this, the Clinton economists can’t say this, the Bush economists can’t say this, and five generations of New Deal / Great Society / Keynesian economists can’t say this.
But the Hayekians can say this, and there’s a single reason why — they are the only economists in all of economics (and I’m not kidding) who take into account the time and value structure of the production economy and its ultimately controlling role as the bedrock plate techtonics that undergird and — at the tipping point — shake to its foundations all of the surface phenomena of financial maniputation by the Federal Reserve and the Congress, via Fannie Mae, corrupt financial regulations, and artificially low interest rates.
For some idea of how spot on the Hayekians have been, read some of the articles at the Mises Institute or the Independent Institute, or at the Heritage Foundation, or by bond analyst James Grant or by Barron’s Gene Epstein.
For those interested in learning the basic economics of the time and value structure of the production economy — the bedrock groundings of our current economic earthquakes — let me recommend Roger Garrison’s collection of articles and interviews, an extensive collection which covers the problem involved from a number of perspectives, and which ranges from the very basic for those with little economic training, to sophisticated discussions aimed at those with a solid background in economics.
BONUS: The current financial meltdown and the Clinton years.
UPDATE: Talk about idiot savants mathematicians — a new poll shows that 48% of economists are registered Democrats, more than twice the number who are registered as Republicans or Libertarians.