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Book Review: 15 Great Austrian Economists

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15 Great Austrian Economists edited by Randall G. Holcombe (Auburn, Ala.: Ludwig von Mises Institute, 1999); 258 pages; $15.95. TWENTY-SIX YEARS AGO, in June 1974, I was fortunate enough to be invited by the Institute for Humane Studies to be one of 40 people who attended a week-long conference on Austrian economics in South Royalton, Vermont. After a decades long hiatus, during which Keynesianism had almost monopolized all discussions about economic theory and policy, a rebirth of interest in the Austrian school of economics was about to begin. At the time, during that week in South Royalton, it did not necessarily seem that way. The previous year, in October 1973, Ludwig von Mises had passed away at the age of 92. And no one ...

Book Review:

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15 Great Austrian Economists, edited by Randall G. Holcombe (Auburn, Ala.: Ludwig von Mises Institute, 1999); 258 pages; $15.95. TWENTY-SIX YEARS AGO, in June 1974, I was fortunate enough to be invited by the Institute for Humane Studies to be one of 40 people who attended a week-long conference on Austrian economics in South Royalton, Vermont. After a decades long hiatus, during which Keynesianism had almost monopolized all discussions about economic theory and policy, a rebirth of interest in the Austrian school of economics was about to begin. At the time, during that week in South Royalton, it did not necessarily seem that way. The previous year, in October 1973, Ludwig von Mises had passed away at the age of 92. And no one ...

Book Review: Say’s Law and the Keynesian Revolution

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Say's Law and the Keynesian Revolution: How Macroeconomic Theory Lost Its Way by Steven Kates (Northhampton, Mass.: Edward Elgar, 1998); 252 pages; $85. John Maynard Keynes ended his famous 1936 book, The General Theory of Employment, Interest and Money, by pointing out, "The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly believed. Indeed, the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back. I am sure that the power of vested interests is vastly exaggerated compared with ...