Alasdair Macleod: Austrians get (some) mainstream credibility
By Alasdair Macleod
GoldMoney.com, St. Helier, Jersey, Channel Islands
Thursday, January 14, 2016
Well, well: Who would have believed it?
First the Bank for International Settlements comes out with a paper that links credit booms to the boom-bust business cycle. Then Britain's Adam Smith Institute publishes a paper by Anthony Evans that recommends that the Bank of England should ditch its powers over monetary policy and move toward free banking.
Admittedly, the BIS paper hides its argument behind a mixture of statistical and mathematical analysis and seems unaware of Austrian business cycle theory, there being no mention of it, or even of Hayek. Is this ignorance, or a reluctance to be associated with loony free-marketeers? Not being a conspiracy theorist, I suspect ignorance.
The Adam Smith Institute's paper is not so shy, and includes both "sound money" and "Austrian" in the title, though the first comment on the Internet version of the press release says talking about "Austrian" proposals is unhelpful. So prejudice against Austrian economics is still unfortunately alive and well, even though its conclusions are becoming less so. The Adam Smith Institute actually does some very good work debunking the mainstream neo-classical economics prevalent today, and is to be congratulated for publishing Evans's paper. ...
... For the remainder of the commentary:
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