> In fact, the Austrian school of economics is in no way unchallenged, and in many circles is not considered empirically sound. Friedman isn't Austrian school

> In fact, the Austrian school of economics is in no way unchallenged, and in many circles is not considered empirically sound. Friedman isn't Austrian school (he was against the Gold standard and he suggested Income Tax withholding!). If you want a horrible analogy, think of Austrian school as Haskell, Chicago school as OCaml (Hayek being a link between the two, just as HM type inference is the link between ML and Haskell), Keynes as Smalltalk and more modern theories as something like Scala.