Irish Liberty Forum

Mainstream economics versus Austrian economics

with 3 comments

Or as Milton Friedman might say: good economics versus bad economics (I’ll let you decide which is which). This video is from 2006, when mainstream Wall Street and government economists like Art Laffer and Ben Bernanke were still of the view that the US economy was sound.


Written by Graham

October 7, 2008 at 5:35 am

3 Responses

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  1. I’ve watched this video a few times now…Art Laffer is a complete joke.
    He reminds me of Irving Fisher, the Yale Professor who claimed “stocks have reached what looks like a permanently hgh plateau”. The 1929 Wall Street crash occured 2 weeks later.

    Common sense would dictate that politicians should begin to listen to the economists who predicted the crash, and start taking their advice. Hint: many of these economists use the word “malinvestment” a lot.


    October 7, 2008 at 9:58 am

  2. Very fair comparison with Fisher. I think Art Laffer owes somebody a penny 🙂


    October 8, 2008 at 10:38 pm

  3. […] Laffer doesn’t fare well in other areas of economic theory […]

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