I recently came across a copy of The Economists from July 18-24, and was intrigued by the cover “Modern Economic Theory: Where it went wrong-and how the crisis is changing it”. I opened to read two articles
The state of economics: The other-worldly philosophers and Financial economics: Efficiency and beyond. I wasn’t shocked to read the mentions of the failure of Krugman and Bernanke to foresee the “crisis”, but I WAS shocked that such a publication missed the opportunity to cite Mises, Schiff and Woods in explaining WHY Krugman and Bernanke were wrong. The Economists made no mention of Austrian Economics or the underlying issues that caused the “meltdown” – easy money from a Central Bank, thanks to artificially low interest rates and a mad-hatter style printing press.