Agree that the Austrian school is not new. The revolution is that it had been out of favor at most US academic institutions, and he's been trying to bring it ba

Agree that the Austrian school is not new. The revolution is that it had been out of favor at most US academic institutions, and he's been trying to bring it back. It's a bit of a story that goes along with people beginning to question the standard story line of the great depression, bias in academia, and failures of purely quantitative approaches. Of course, the whole concept of behavioral econ is a bit of a paradigm shift as well, and the intersection of the "imperfectly rational" actor with business cycle theory is quite useful.