How the New Classicals drank the Austrians' milkshake

How one school of economics co-opted the ideas of another

New Classicals
(Image credit: (Win McNamee/Getty Images))

The "Austrian School of Economics" is still a name that is lovingly invoked by goldbugs, Zero Hedgies, Ron Paulians, and various online rightists. But as a program of scholarship it seems mostly dead. There is a group of "Austrians" at George Mason and NYU trying to revive the school by evolving it in the direction of mainstream econ, and then there is the Mises Institute, which contents itself with bathing in the fading glow of the works of the Old Masters. But in the main, "Austrian economics" is an ex-thing.

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Noah Smith is an assistant professor of finance at Stony Brook University. He blogs at Noahpinion.