Who rebuted Paul Krugman?

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Hi, I'm new to this forum and, as you probably guessed from my name, I was previously active at www.draftfredthompson.com before it was shut down. I have a question:

In 1998 Paul Krugman wrote a paper critical of Austrian Economics titled "The Hangover Theory" at www.slate.com/id/9593/

Could someone here please tell me which Austrian Economist wrote the rebuttal? Krugman's paper is widely circulated on the internet but I'm having trouble finding the Austrian's rebuttal.

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Rebuttals

None of the rebuttals posted by the other comments seem to address this particular 1998 Krugman article from Slate. Here are rebuttals that do:

From Roger Garrison:
http://www.mises.org/article.aspx?Id=103&month=3

From David Gordon:
http://www.mises.org/misesreview_detail.aspx?control=53

From Roger Garrison again:
http://www.auburn.edu/~garriro/e5hayek.htm

Keynesians....

I think maybe you will find that Central Banking in 1913 and creation of an income tax led to the depression. During the depression, Austrians screamed to reduce taxes...Government raised taxes to sustain revenue and the depression went deeper.

Keynes was in the process of giving birth to Keynesian economics. Essentially he said, lower taxes and increase spending. It went against every grain of human nature.

Keynes was absolutely correct, although no one listened to him until the War broke out and spending went up and the depression miraculously ended.

What they don't tell you is that Keynes restored consumer confidence by marginally eroding everyones savings. They have continued with the Keynes principle for so long that people have caught on and now no one saves money. Why risk saving money that depreciates from year to year, when you can borrow and your debt is worth less and less every year?

So America has no savings, has leveraged 65% of their assets and is going bankrupt as a result. In 1912 only 5% of America was leveraged...now banks and lenders own 65% of America and savings are actually negative.

Keynesian theory is beautiful I will grant that, however manipulating the market through a central bank in this manner causes massive destruction of private property among the poor and middle class.

The Austrians would rather live in reality. The depression was caused by excessive taxation, soaring to 63% during the depression! Less business meant the bank was more reluctant to lend money. If they eliminated the tax (like should have been done after the war), then there would be no problem.

Without taxation, the economy would soar. Savings would soar...and thats the little bit of information Keynesians don't talk about. Savings. Keynesian's have stolen every last penny out of America's savings accounts. No one saves $'s anymore. So how exactly do we survive a recession...no one has any money anymore. Sure we have assets, stocks...but no money. Money has been replaced by debt. You must pay the debt or have your assets seized...making us a nation of debt slaves.

We can't have anything without debt now. This is ludicrous...someone legalize savings. Someone make it so once again we can exist in the era of a penny saved is a penny earned. Someone stop the money from rotting to worthlessness.

My question to any Keynesian is "How much money do I need to retire?" In 40 years....how much do I need? They have no idea. No one knows what money will be worth.

krugman is a dirtbag

krugman is a dirtbag communist.

The world is my country, all mankind are my brethren, and to do good things is my religion. Thomas Paine Godfather of the American Revolution)

Ditto on that Dude !

HYDROMAN

"Since 1789 the only government on Earth that has the power to crush the American people`s liberties across the board is the government of the United States"
Robert Higgs

important!!

I'm in the U.K. At the top of the page on this forum there is a google advert which says "7 questions for Ron Paul supporters-watch them squirm when they read it" (It's about austrian economics I think)
Here's the link http://www.axiomaticeconomics.com/critiques/critiques12.php?...

Do U.S. visitors to RP see this? Also, there is another advert which asks UK residents if they want a referendum on the EU Constitution!

'I always thank of all you canvassors and precinct leaders and delegates who were at the front line and caucuses.
Good luck out there &Thank you. You're a gift.

This article is a direct

This article is a direct rebuttal to the Slate article.
http://blog.mises.org/archives/003499.asp

This article is a follow-up that argues Krugman is now partially seeing the light.
http://blog.mises.org/archives/003638.asp

Off topic, but

Welcome to the revolution! What do you like about Ron Paul?

Welcome sir (ma'am?), I'll

Welcome sir (ma'am?),

I'll do some googling and see what I can dig up.

_____________________________________________________
Throw money Ron's way on FEB 1ST! (SIGN UP NOW!) Then go knock on some doors and canvass some more!...

Welcome Aboard!

I can't help you, but someone will I am sure.

gigione