Thursday, January 24, 2013

Debunking Austrian Economics 101, Updated

I have updated my earlier set of links to various posts on my blog for debunking the theories of Austrian economics.

I will repeat the introduction to these links as well.

Please note that not all the posts actually debunk Austrian theories, as some are merely descriptive, and allow the reader to understand what the Austrians believe. Some posts examine the history of the school. A few posts are even constructive in that Post Keynesians and some Austrians can agree on certain points (such as the posts on Ludwig Lachmann).

One important point I have always stressed is that the Austrian school itself is heterogeneous.

In my view, a useful division of modern Austrians would be as follows:
(1) The Anarcho-capitalists
E.g., Murray Rothbard, Hans-Hermann Hoppe and Jörg Guido Hülsmann;

(2) The minimal state/classical liberal Austrians in the tradition of Mises
This variety often supports praxeology and utilitarianism;

(3) Hayek’s economics, with a minimal state, and with an empirical (or Popperian) approach to economic method, in place of praxeology;

(4) Moderate subjectivist Austrians
E.g., Israel Kirzner and Roger Garrison;

(5) Radical subjectivists like Ludwig M. Lachmann (1906-1990), and Austrians influenced by him.
Some of the first generation Austrians were actually progressive liberals and sympathetic to Fabian socialism. Hayek came to support public works and fiscal policy in a depression. Ludwig Lachmann accepted government intervention for economic stability in depressions, and rejected even the idea that free markets tend to general equilibrium.
(1) The History, Classification, and Subgroups of Austrian Economics
“Friedrich von Wieser and Eugen von Philippovich von Philippsberg: Austrian Economists and Fabian Socialists,” October 21, 2010.

“The Different Types of Austrian Economics,” December 5, 2010.

“The Types of Pro-Free Market Libertarians,” January 30, 2011.

“A Classification of Libertarianism,” December 20, 2011.

“An Overview of the Major Schools of Economics,” January 31, 2011.

“Bibliography on Austrian Economics,” May 26, 2011.

“Some Quick Thoughts on Austrian Economics,” May 30, 2011.

“Questions for Austrians Before You Debate Them,” June 2, 2011.

“Why are there no Austrian Socialists?,” June 3, 2011.

“The Neoclassical Wing of the Austrian School,” June 5, 2011.

“The “Dreaded” Post Keynesians?,” August 29, 2011.

“Roger Koppl on Modern Austrian Economics,” December 10, 2011.

“Butos and Koppl on Varieties of Subjectivism: Keynes and Hayek,” December 30, 2011.

“A Question for Austrians: Who Wrote This?,” August 9, 2012.

“Rescuing Menger from the Austrians,” August 27, 2012.

(2) Debunking Misesian Praxeology
“Mises’ Praxeology: A Critique,” October 1, 2010.

“Limits of the Human Action Axiom,” February 28, 2011.

“Hayek on Mises’ Apriorism,” May 23, 2011.

“Mises and Logic,” August 26, 2011.

“Karl Popper’s View of Mises,” October 2, 2012.

“My Post on Praxeology gets some Attention,” March 7, 2012.

(3) Ludwig Lachmann and Radical Subjectivism
The only sensible wing of the Austrian school (comparatively speaking).
“Ludwig Lachmann on Government Intervention,” July 9, 2011.

“A Startling Admission from Ludwig Lachmann,” July 11, 2011.

“Austrians on Public Works and Fiscal Stimulus,” November 20, 2011.

“Audio Lecture by Ludwig M. Lachmann,” December 21, 2011.

“Ludwig Lachmann: Bibliography and Resources,” December 31, 2011.

“Lachmann Endorsed Keynesian Stimulus in a Depression,” February 8, 2012.

“Who Said this About Austrian Economics?,” July 2, 2012.

“Lachmann and Post Keynesianism on Prices,” August 1, 2012.

Lachmann on Liquidity Preference, October 26, 2012.

“Caldwell on Lachmann on Equilibrium Prices,” November 6, 2012.

(4) Against the Pure Time Preference Theory of Interest Rates
“Robert P. Murphy on the Pure Time Preference Theory of the Interest Rate,” July 13, 2011.
Robert P. Murphy, an actual Austrian, debunks the pure time preference theory of interest.

(5) Against Say’s Law
“The Myth of Say’s Law,” October 7, 2010.

“Say’s Law Presupposes Aggregate Demand as a Meaningful Concept,” May 28, 2011.

“Say Repudiated Say’s Law,” December 1, 2011.

“Jean Baptiste Say on Failures of Aggregate Demand,” December 1, 2011.

(6) Austrians and the Concept of Uncertainty
“A Note on Mises and the Concept of Uncertainty,” August 1, 2011.

“Austrians Mangle Business Uncertainty,” July 22, 2012.

(7) Against the Austrian Theory of Money
“The Quantity Theory of Money: A Critique,” July 18, 2010.
While not, strictly speaking, an Austrian theory, many internet or vulgar Austrians repeat fables about the quantity theory of money.

“Austrian Measures of the Money Supply,” March 5, 2011.

“Keynes on the Special Properties of Money,” May 8, 2011.

“Hayek and the Myth of Neutral Money,” June 23, 2011.

“David Graeber’s Response to Robert Murphy,” September 9, 2011.

“Gold as Commodity Money and its Elasticity of Production,” November 18, 2011.

“Rothbard on the Bill of Exchange,” December 11, 2011.

“Money as Debt,” December 26, 2011.

“Menger on the Origin of Money,” January 5, 2012.

“The Origins of Money,” January 8, 2012.

“Mises on the Origin of Money,” January 12, 2012.

“David Graeber on the Origins of Money,” January 23, 2012.

“David Graeber versus Robert Murphy: A Review,” January 24, 2012.

“Quiggin on the Origin of Money,” February 10, 2012.

“Money as a Unit of Account and its Origins,” February 11, 2012.

“Observations on Non-Commercial Money,” February 18, 2012.

“Hayek Grasps Endogenous Money,” March 16, 2012.

“‘Funny Money’: A Loaded Phrase,” May 12, 2012.

“More on Goldsmiths’ Notes and the Act of 1704,” May 13, 2012.

“A Note on Menger on the Nature and Origin of Money,” July 28, 2012.

“Money Has Direct Utility,” October 25, 2012.

“Menger’s Nuanced View on the Origin of Money,” November 6, 2012.

(8) Against Mises’s Regression Theorem
“Mises’s Regression Theorem: A Critique,” January 13, 2012.

(9) Against the Austrian View of Deflation
Some Austrians think deflation is desirable; others do not. Hayek most notably changed his mind and condemned “secondary deflation.” The Austrians hold inconsistent views on deflation.

“Hayek on Secondary Deflation,” January 24, 2011

“Rothbard Refutes Rothbard on the Effects of Deflation,” January 28, 2011.

(10) Against the Austrian Theory of Inflation
“The Austrian Theory of Inflation: Myths and Reality,” April 15, 2010.

“Are Cantillon Effects an Argument Against Government Spending? ,” September 27, 2011.

“Two Austrian Definitions of Inflation,” November 22, 2011.

(11) Austrian Substitutes for GDP are just Aggregates too
“Austrian Substitutes for GDP – They are Aggregates!,” January 22, 2012

“Epic Fail from William L. Anderson,” March 8, 2012.

(12) Against Vulgar Austrians
Many internet Austrians are so ignorant they do not even understand fundamental Austrian concepts.

“Full Employment Equilibrium is Not an Austrian Concept,” April 27, 2011.

“Prediction, Empiricism and Austrian Economics,” August 31, 2011.

“Austrian Nonsense About Economic Calculation,” February 3, 2012.

“Economic Calculation Yet Again,” February 7, 2012.

“Economic Calculation, Part 3,” February 7, 2012.

“Some Discussion of Aggregates in the Blogosphere,” March 26, 2012.

“Austrians Can’t Get their Story Straight on the Effects of Austerity,” May 25, 2012.

“Economic Calculation Revisited,” July 29, 2012.

“Murphy versus Huerta de Soto on the Government’s Ability to Increase Employment and Output,” December 23, 2012.

“Is This What Vulgar Austrians Mean by ‘Economic Calculation’?,” July 29, 2012.

(13) Hayek’s Bigotry and Support for Authoritarianism Exposed
“Hayek the Ethnic Bigot and the Perils of the Ad Hominem Fallacy,” January 14, 2012.

“Hayek and Pinochet: Endless Love!,” July 9, 2012.

(14) Hayek’s Interventionism
“Hayek on Monetary Stabilisation in a Secondary Deflation,” August 6, 2011.

“Did Hayek Advocate Public Works in a Depression?,” September 25, 2011.

“When Did Hayek Renounce Liquidationism?,” January 1, 2012.

“Steven Horwitz on Stimulus Spending and Hayek,” August 24, 2012.

“Hayek the Evil Socialist,” January 1, 2012.

(15) Austrian Myths on Government Debt
“Robert Murphy versus Paul Krugman on Government Debt,” January 29, 2012.

(16) Questionable or Failed Austrian Predictions
“It’s 2011 and Still No Hyperinflation,” January 11, 2011.

“Mises Did Not Predict the US Stock Crash of 1929,” May 30, 2011.

“Keynes on the End of the Gold Exchange Standard,” June 21, 2011.

“Another Failed Prediction by Mises,” December 2, 2011.

“Austrians Predicted the Housing Bubble? – But so did Post Keynesians and Marxists,” December 14, 2011.

“Hayek and the Stock Market Crash of 1929: So Much for His Predictive Powers,” December 28, 2011.

“Lionel Robbins and the Myth of Hayek’s Prediction of the Great Depression,” February 5, 2012.

(17) Against Free Trade / Law of Ricardian Association
“The Early British Industrial Revolution and Infant Industry Protectionism: The Case of Cotton Textiles,” June 22, 2010.

“Mises on the Ricardian Law of Association: The Flaws of Praxeology,” January 25, 2011.

(18) Against Austrian Interpretations of the Great Depression
“Smoot Hawley and the US Contraction of 1929–1933,” February 26, 2011.

“Herbert Hoover’s Budget Deficits: A Drop in the Ocean,” May 24, 2011.

“Roosevelt’s Record on Unemployment: The Myth and Reality,” June 10, 2011.

“Debunking Catalán on the Recession of 1937–1938,” August 16, 2011.

“What Hoover Should have Done in 1931,” January 26, 2012.

“Steven Horwitz on Herbert Hoover: Mostly Misleading,” February 20, 2012.

“Another Austrian Fable,” September 25, 2012.

“More Fake History of the Great Depression,” September 28, 2012.

“Robert Murphy’s Politically Incorrect Guide to the Great Depression, Chapter 1: A Critique,” November 20, 2012.

“Robert Murphy’s Politically Incorrect Guide to the Great Depression, Chapter 2: A Critique,” November 22, 2012.

(19) Austrian Myths about the 19th century Gold Standard Era
“US Unemployment in the 1890s,” January 24, 2012.

“US Unemployment, 1869–1899,” January 26, 2012.

“Per Capita GDP Growth Rates During the Gold Standard Era,” September 11, 2012.

“Rothbard on the US Economy in the 1870s: A Critique,” September 24, 2012.

“The Gold Standard did not Prevent Price Inflation,” October 26, 2012.

(20) Austrians Misrepresent the Post-1945 Boom in America
“Keynesianism in America in the 1940s and 1950s,” January 22, 2011.

“The Post-1945 Boom in America,” July 15, 2011.

“Thomas E. Woods on Keynesian Predictions vs. American History: A Critique,” May 29, 2012.

“What Did Paul Samuelson really say about the Post-WWII US Economy?,” May 31, 2012.

“Paul Samuelson on the Post-1945 Boom,” January 4, 2013.

“Alvin Hansen Predicted the Post-1945 US Boom,” January 4, 2013.

“More on Alvin A. Hansen’s Prediction of a Post-1945 Boom,” January 6, 2013.

(21) Against Rothbard
“Rothbard on Monopoly Price on the Unhampered Market,” July 24, 2011.

“Rothbard on Torture,” October 3, 2011.

(22) Against Ron Paul
“Ron Paul versus Paul Krugman,” May 1, 2012.

(23) Austrian Myths about Ancient Rome
“Inflation and the Fall of the Roman Empire,” June 12, 2011.

“Debt Deflationary Crisis in the Late Roman Republic,” June 16, 2011.

(24) Austrian Misrepresentations of Keynesianism
“William L. Anderson Flunks Keynesian Economics 101,” May 25, 2011.

“The Concept of “Animal Spirits” is a Red Herring,” June 27, 2011.

“Austrians have No Sense of Humour,” August 24, 2011.

“Keynes and Pyramid-Building: What He Really Meant,” August 25, 2011.

“Turning Stone into Bread?,” December 2, 2011.

“Keynes on Mises’s Theory of Money and Credit,” March 11, 2012.

“Fascism and Keynesianism?,” May 22, 2012.

“Robert P. Murphy Gets it Wrong on Stimulus in Sweden and the US,” May 22, 2012.

“Prychitko on Minsky’s Financial Instability Hypothesis (FIH),” June 20, 2012.

(25) Austrian Misrepresentations of Modern Monetary Theory
“Robert Murphy Mangles MMT,” June 27, 2012.

“Robert Murphy on MMT: An Unimpressive Critique,” December 15, 2012.

(26) Austrians and Equilibrium Theory
“Mises’s Three Concepts of Equilibrium,” June 23, 2011.

“Hayek and the Concept of Equilibrium,” September 20, 2011.

“Hayek and Equilibrium as a Starting Point for an Austrian Trade Cycle ,” September 21, 2011.

“Equilibrium Amongst the Austrians,” January 28, 2012.

“Did Mises believe in a Tendency to Equilibrium?,” June 8, 2012

“Catalán, Straw Man Arguments and Mises’s View of Equilibrium,” June 9, 2012.

“Mises on the Tendency to Equilibrium in Market Economies,” June 10, 2012.

“Rothbard on the Tendency to Equilibrium in Market Economies,” June 10, 2012.

“The Austrian View of the Market’s Tendency to Equilibrium,” June 11, 2012.

“The Divide in Austrian Economics on Equilibrium,” October 11, 2012.

“Mises versus Lachmann on Equilibrium Prices,” December 17, 2012.

(27) Debunking Austrian Ethical Theories
There are at least two positions taken by Austrians on ethics: (1) some (like Mises) support a kind of utilitarianism/consequentialism, and (2) others support natural rights (Rothbard) or argumentation ethics (Hoppe).

“Economics and Ethics: A Brief Survey,” October 8, 2010.

“Ethical Theories: A Classification,” June 9, 2011.

“Was Mises a Socialist?: Why Mises Refutes Himself on Government Intervention,” October 7, 2010.

“Rothbard on Mises’ Utilitarianism: Why the Systems of Mises and Rothbard both Collapse,” October 8, 2010.

“Would Anarcho-Capitalists Allow the Earth to be Destroyed?,” February 28, 2011.

“Coercion and the ‘Taxation is Theft’ Argument,” May 25, 2011.

“More on ‘Taxation is Theft’,” May 26, 2011.

“Rothbard’s Argument for Natural Rights: A Critique,” August 15, 2011.

“Mises on Utilitarianism,” September 2, 2011.

“A Note on the Libertarian Asteroid Dilemma,” September 15, 2011.

“Hoppe on Argumentation Ethics,” October 23, 2011.

“Libertarianism and Christianity: A Contradiction in Terms?,” November 22, 2011.

“Government is Not Inherently Evil,” January 1, 2012.

“The Horror of Rothbardian Natural Rights,” June 7, 2012.

(28) Mises and Fascism
“Mises on Fascism in 1927: An Embarrassment,” October 27, 2010.

“Mises the Hypocrite: When Reality Trumps Praxeology,” March 8, 2011.

“Keynes’s Remarks in the German Edition of the General Theory,” June 7, 2011.

(29) Keynes and Hayek
“Hayek and Keynes: Not So Far Apart?,” April 19, 2011.

“Who Cares if Hayek Won the Nobel Prize in Economics?,” April 26, 2011.

“Hayek vs. Keynes Round 2: Amusing Rubbish,” May 4, 2011.

“Bruce Caldwell on Hayek versus Keynes,” June 28, 2011.

“The Personal Relationship of Hayek and Keynes,” July 1, 2011.

“Skidelsky versus Selgin on Keynes and Hayek,” August 4, 2011.

“Skidelsky versus Selgin: The Full Version,” August 13, 2011.

“Another Keynes versus Hayek Debate,” November 14, 2011.

“Nicholas Wapshott Lecture on Keynes versus Hayek,” November 19, 2011.

“Krugman, Hayek versus Keynes and the Austrians,” December 9, 2011.

(30) Debunking the Austrians on the Recession of 1920–1921
“The US Recession of 1920–1921: Some Austrian Myths,” October 23, 2010.

“There was no US Recovery in 1921 under Austrian Trade Cycle Theory!,” June 25, 2011.

“The Depression of 1920–1921: An Austrian Myth,” December 9, 2011.

“A Video on the US Recession of 1920-1921: Debunking the Libertarian Narrative,” February 5, 2012.

“The Recovery from the US Recession of 1920–1921 and Open Market Operations,” October 4, 2012.

“Rothbard on the Recession of 1920–1921,” October 6, 2012.

(31) Fractional Reserve Banking is not Fraud (against the Rothbardians)
“Hayek’s Original View of Fractional Reserve Banking,” February 29, 2012.

“Fractional Reserve Banking, Option Clauses, and Government,” January 31, 2012.

“Are the Public Ignorant of the Nature of Fractional Reserve Banking?,” December 17, 2011.

“Why is the Fractional Reserve Account a Mutuum, not a Bailment?,” December 17, 2011.

“Callable Option Loans and Fractional Reserve Accounts,” December 16, 2011.

“Future Goods and Fractional Reserve Banking,” December 15, 2011.

“Rothbard on the Bill of Exchange,” December 11, 2011.

“Hoppe on Fractional Reserve Banking: A Critique,” December 11, 2011.

“The Monetary Production Economy and Fiduciary Media,” December 11, 2011

“Fractional Reserve Banking: An Evil?,” June 26, 2010.

“The Romans and Fractional Reserve Banking,” February 23, 2011.

“Gene Callahan on Fractional Reserve Banking,” February 18, 2011.

“Lawrence H. White refutes Huerta de Soto on Fractional Reserve Banking,” February 22, 2011.

“Selgin on Fractional Reserve Banking,” June 1, 2011.

“Schumpeter on Fractional Reserve Banking,” June 12, 2011.

“If Fractional Reserve Banking is Fraudulent, Why isn’t the Insurance Industry Fraud?,” September 29, 2011.

“The Mutuum Contract in Anglo-American Law,” September 30, 2011.

“Rothbard Mangles the Legal History of Fractional Reserve Banking,” October 1, 2011.

“More Historical Evidence on the Mutuum Contract,” October 1, 2011.

“What British Law Says about the Mutuum Contract,” October 2, 2011.

“If Fractional Reserve Banking is Voluntary, Where is the Fraud?,” October 3, 2011.

“Huerta de Soto on the Mutuum Contract: A Critique,” August 11, 2012.

“A Simple Question for Opponents of Fractional Reserve Banking,” August 17, 2012.

“Chapter 1 of Huerta de Soto’s Money, Bank Credit and Economic Cycles: A Critique,” August 31, 2012.

“Huerta de Soto on Justinian’s Digest,” September 1, 2012.

“Huerta de Soto on Banking in Ancient Rome: A Critique,” September 2, 2012.

“Bibliography on the Irregular Deposit (depositum irregulare) in Roman Law,” September 6, 2012.

(32) Against the Austrian Business Theory (ABCT)
“Austrian Business Cycle Theory: Its Failure to explain the Crisis of 2008,” October 18, 2010.

“Kirzner on Austrian Business Cycle Theory,” May 30, 2011.

“ABCT and Idle Resources,” June 6, 2011.

“Austrian Business Cycle Theory: Epicycles on Epicycles,” June 6, 2011.

“The Natural Rate of Interest: A Wicksellian Fable,” June 6, 2011.

“Austrian Business Cycle Theory (ABCT) and the Natural Rate of Interest,” June 18, 2011.

“Mises’s “Evenly Rotating Economy” (ERE) and ABCT,” June 20, 2011.

“Austrian Business Cycle Theory: The Various Versions and a Critique,” June 21, 2011.

“Mises’s “Originary Interest Rate” Theory,” June 21, 2011.

“The Differences Between Mises and Hayek on ABCT,” June 23, 2011.

“Hayek and the Myth of Neutral Money,” June 23, 2011.

“Milton Friedman on ABCT,” June 24, 2011.

“There was no US Recovery in 1921 under Austrian Trade Cycle Theory!,” June 25, 2011.

“Vaughn on Mises’s Trade Cycle Theory,” June 29, 2011.

“Hayek on the Flaws and Irrelevance of his Trade Cycle Theory,” June 29, 2011.

“Mises’s Versions of ABCT,” July 1, 2011.

“ABCT and Full Employment,” July 1, 2011.

“Hayek’s Trade Cycle Theory and its Appeal to Socialists,” July 1, 2011.

“Robert P. Murphy on the Sraffa-Hayek Debate,” July 19, 2011.

“Bibliography on the Sraffa-Hayek Debate,” July 20, 2011.

“Robert P. Murphy on the Pure Time Preference Theory of the Interest Rate,” July 13, 2011.

“Lachmann on Trade Cycle Models,” August 27, 2011.

“David Glasner on Hayek versus Sraffa,” September 10, 2011.

“Hayek and the Concept of Equilibrium,” September 20, 2011.

“Hayek and Equilibrium as a Starting Point for an Austrian Trade Cycle,” September 21, 2011.

“ABCT without a Unique Natural Rate of Interest?,” September 22, 2011.

“Did Hayek Advocate Public Works in a Depression?,” September 25, 2011.

“ABCT and the Flow of Credit,” October 6, 2011.

“Michael Emmett Brady on Hayek’s Concept of Uncertainty,” October 11, 2011.

“Austrians Predicted the Housing Bubble? – But so did Post Keynesians and Marxists,” December 14, 2011.

“Hayek’s Natural Rate on Capital Goods, Sraffa and ABCT,” December 27, 2011.

“Hayek’s Trade Cycle Theory, Equilibrium, Knowledge and Expectations,” January 4, 2012

“Equilibrium Amongst the Austrians,” January 28, 2012.

“Hülsmann on Mises’s Business Cycle Theory,” February 11, 2012.

“Bloggers Debate the Austrian Business Cycle Theory,” February 12, 2012.

“Jonathan Finegold Catalán on Free Banking and ABCT,” May 14, 2012.

“Why Isn’t the Boom of 1946-1948 a Problem for Austrians?,” June 2, 2012.

“Rothbard Shoots Himself in the Foot: Why the ABCT is Anti-Capitalist,” June 25, 2012.

“Bruce Caldwell on the Flaw in Hayek’s Early Business Cycle Theory,” July 8, 2012.

“What was the Greatest Mistake of Lionel Robbins’s Life?,” August 9, 2012.

“Some Critical New Work on the Austrian Business Cycle Theory,” October 9, 2012.

“Repapis on Hayek’s Business Cycle Theory,” October 10, 2012.

“Hayek on his Simplified Capital Theory Assumptions in Prices and Production,” October 15, 2012.

“Why Did Hayek get a Nobel Memorial Prize in Economic Sciences?,” November 10, 2012.

“Critics of the Classic Hayekian Business Cycle Theory,” December 13, 2012.

(33) The Socialist Calculation Debate
“Austrians Rewrite the History of the Socialist Calculation Debate,” October 2, 2012.

“Note on the Socialist Economic Calculation Debate,” October 3, 2012.

“Mises on Rational Economic Planning under Syndicalism and ‘Economic Calculation’ in Keynesian Economies,” October 28, 2012.

“Vulgar Austrians, Economic Calculation and Capitalist Economies,” December 12, 2012.


  1. Good stuff, thanks LK

  2. You're doing an excellent public service here. If there's any other place online so devoted to combating these pernicious austrians, I'm unaware of it.

  3. All those links, and not a single actual refutation of Austrian theory.

    What a useless list. Nobody is going to use this as any sort of "go to" for solid criticisms of Austrian theory.

    To see solid criticisms, I recommend Bryan Caplan, Tyler Cowen, and other "former" Austrians.

    1. @ 5:52 anon:

      I don't think there is a simple way to "refute" Austrian theory as such; it's not a single specific claim in and of itself, but rather several entire systems of claims, many of which are discussed individually above.

      But then, since they're all based on marginalism, presumably something on the Cambridge debates would be a good addition, since that struck straight to the heart of it.

      Or are you suggesting a post on Caplan and Cowen's perspectives to fill those gaps?

  4. I think Gene Callahan and his blog is excellent if you want to see critiques on libertarianism in general. He even used praxeology to destroy some badly made vulgar libertarian slogans!

    5:52 Anon: Interesting. I will certainly seek out those criticisms.

  5. Not a single refutation? We must be reading very different pages, as Hayek's own abandonment of the liquidationism advocated by Austrians is a quintessential "refutation"; one amongst many.

  6. My stuff is as neatly cataloged:

  7. It would be nice to see these "superior" criticisms listed here by these anonymous hand-wavers.

  8. Lord Keynes: You could have included your post about Michael Emmett Brady's article on Keynes and Hayek's different approaches to uncertainty under "(6) Austrians and the Concept of Uncertainty".

  9. Austrian "economics" is a mental disease.