Murray Rothbard on the Future Prospects for LibertySubmitted by Marc Clair on Mon, 03/18/2013 - 14:18
This week we turn to Murray Rothbard to see how he felt about the prospects for the future of Austrian economics. After you take in the awesome '80's mullets and staches in the audience, Rothbard's thoughts should excite everyone with an interest in Austrian economics, and by logical extension the liberty movement as a whole.
Rothbard was always a long term optimist and advocated that libertarians should be optimistic in the long run, and present themselves as such. While Rothbard's long term optimism is nothing new here, what I found interesting is the example he cites. According to Rothbard, within economists in Eastern Europe Austrian economics like Ludwig Von Mises and F.A. Hayek are revered figures. This is in stark contrast to the U.S., where Keynesians such as Paul Krugman are looked at as all-knowing economic wizards.
Rothbard goes on to say that "nobody reveres Keynes and Galbraith over there. They've had it with socialism and statism". This points to the unique position of post-Soviet Union attitudes in Eastern Europe. They have seen first-hand the disastrous effects of central planning. There is no question to people who have lived through bread lines that central planning cannot provide food. These people have seen the effects of Keynesian economics, and they have rejected it.