“Is it Time for a Resurgence of the Austrian School of Economics?”
YES!!!
This is like asking whether we should observe the laws of thermodynamics as we build our new “green economy”.
Sorry, but unregulated free trade leads to the concentration of capital in the hands of those with superior skill in gaming the system.
And once capital becomes sufficiently concentrated... blammo. Maybe not today, and maybe not tomorrow, but sooner or later, blammo.
What, quit printing money? How would the government be able to fund failure.
No.
Austrian school relies upon centralized planning, not free markets. While we can not truly stay that America is all about economic capitalism currently; the more socialism applied the more problematic and misaligned national economics become. The worse economic type being the Keynesian model;
-Steal first then pay using someone else’s credit card.
Although, Milton Friedman’s model works very well when real market conditions actually exist, yet problems arise due to too much interference from the political class. As were seen in the Fannie Mae and Freddie Mac, Banking practices and Insurance debacles run by the Democrat Socialist Party USA, “friends of government” and foreign entanglements from 2003 through 2009.
I like those guys, but Milton Friedman and the Chicago school rule. Are there any major differences between them?