"I am not suggesting that the Austrians are uninteresting; far from it. I love to read their work, and I find their views, bizarre and outlandish they seem to my ear, to be as mind-stimulating as a good fantasy novel, or an ethnographic account of the hunter-gatherer inhabitants of some tropical island. However, in no way are they scientists that deserve to be taken seriously. Of course, when there are Marxists all over the place trying to nationalize everything in sight, the Austrian philosophy might have some popular value as a counterweight. By the way, my reading of Americans who call themselves Austrians is that they are fooling themselves---they are really standard neoclassical public sector economists that have personal values favoring the entrepreneurial spirit."
Austrian School

January 1, 1970

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