<blockquote>'I conclude with a piece of advice to Krugman in regard to his unwillingness or inability to give an honest and accurate account of the Austrian theory: Perhaps you should stop trawling obscure blogs for biased material to write glosses on and make an effort to expand your study of the Austrian theory beyond the pedestrian and inaccurate description of it given in Gottfried Haberler’s dated review of business cycle theory,
Prosperity and Depression.
One place to start might be the article
A Reformulation of Austrian Business Cycle Theory in Light of the Financial Crisis in which I engage some contemporary arguments against the theory, including your own. The paper contains copious references to the mainline Austrian literature, old and new, for your further edification.'
- Joseph T. Salerno,
Krugman Claims Mises Couldn’t Explain the Great Depression, January 30, 2014</blockquote>
Context<blockquote>
'..Like monetarists, Keynes held no capital theory .. the role time plays..' - Jesús Huerta de Soto1914 - 'Reminder - The Killing Fields' - 'Carl Menger [1840-1921] .. saw .. all civilizations rushing toward the abyss.''..the First World War was the death knell of the century of bourgeois liberalism.'</blockquote>