From Bob Murphy: "Austrian economists are the analog of the “Intelligent Design” scholars"
I actually wouldn't go that far, but I feel it's important to share the considered thoughts of those who would disagree with me on that. I do think Bob put the quotations marks in the wrong place - it should be Intelligent Design "scholars". And that's the real problem - they use bad reasoning to prop up an unscientific idea long after most serious people who used to hold that idea gave it up. This is very unfair to compare to Austrians. Austrians aren't all that bad. They make a lot of hay out of processes that are probably of secondary importance, but they're not unscientific about it... except for when they are (for example - the way some Austrians scoff at theoretical modeling or empirical work). But that's a minority within the community of Austrians. If Bob just meant Austrians were a minority view, that would be true but it seems to me there are much nicer ways of saying that than referencing Intelligent Design "scholars".
Demand, Supply, and Macroeconomic Models
1 day ago