People are trying to figure things out, and want new tools to assist them in understanding the way the world works. But the Times' famous scribe isn't quite right when it comes to a broader point about the Austrian school of thought, the linchpin of free market economics. Krugman is right that many self-styled Austrian economics mavens predicted high inflation. The Austrian model, however, does not. Part of the confusion lies in the well-known definitional dispute over what is meant by the term "inflation.
In other words, Austrians will insist that any increase in the money supply is inflation—as a matter of definition. But Austrian economics does not insist that this kind of inflation necessarily results in higher prices. What seems to have happened is that at least a few prominent pundits who consider themselves students of famous Austrian economists muddled these two concepts, thus concluding that Austrian-style inflation leads to price inflation.
Or, perhaps more generously, they failed to make it clear that their concerns about "inflation" were not primarily concerns about rising prices. This situation is not helped by the fact that we can find passages in the work of Ludwig Von Mises , in which rising prices are described as the "inevitable" consequences of monetary expansion. Yet, as Krugman notes, its possible for an advocate of an economic model to be wrong without the model itself being inaccurate. Austrian economic models do generally claim that recessions are caused by what Krugman refers to as "a failure on the production side of the economy.
Rather, they show that credit expansions have the potential to further the mis-allocation of capital and therefore further distortions in the economy. In an environment with lots of slack due to unutilized resources—excess labor, excess inventory, excess capital equipment—its altogether possible under Austrian models that the effect of a credit expansion will increase demand for those resources and stave off price deflation.
In fact, this is what Austrian economics predicts. Visit emeraldpublishing. Answers to the most commonly asked questions here. To read the full version of this content please select one of the options below:.
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