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Let me guess.. that list of "old economic models" that could not predict recession completely ignore Austrian Economics or anything of what acuratelly was predi

• czr80 11y ago
  " I do not deny that Austrian economists have made valuable contributions to economics. Rather, as the sequel will argue, I maintain that: (a) The effort to rebuild economics along foundations substantially different from those of modern neoclassical economics fails. (b) Austrian economists have often misunderstood modern neoclassical economics, causing them to overstate their differences with it. (c) Several of the most important Austrian claims are false, or at least overstated. (d) Modern neoclassical economics has made a number of important discoveries which Austrian economists for the most part have not appreciated." http://econfaculty.gmu.edu/bcaplan/whyaust.htm http://econfaculty.gmu.edu/bcaplan/whyaust.htm