Saturday, November 28, 2009


"By Our Powers Combined..."

Newcomers to Austrian economics often ask me about the Great Schism. Here's the short version: Almost a century ago, a dark wizard swept through the economics profession, mesmerizing almost all who came within earshot of his siren song. He and his apprentices--most notably Darth Samuelson--hunted down and exterminated almost all of the practitioners of the bright arts.

In this chaos, a good and very powerful wizard retreated to the Dagobah system, where he lived in a swamp with funding from a private foundation. There he worked on an amulet codifying the spells of the bright magic, which had the power to beat back the forces of the dark wizards.

Upon his deathbed, the old wizard handed the amulet to those gathered around him. In their jealous grasping, they fumbled the amulet and it smashed into three pieces, each going to a different lieutenant. Although the amulet's powers remain, it cannot defeat the dark wizards in diluted form.

It is prophesied that a young wizard will one day rise from the ranks and reunite all three pieces of the amulet. Then its light will burn brightly, forcing the dark wizards to cower in the shadows of Fed posts.

(For a slightly different rendition, see here.)

I just happened to see your September post on Cochrane's reply to Krugman on freshwater. I posted something there, but the gist of my post is that Roman Frydman wrote a short but sweet defense of the Austrian middle ground in this conflict.
Who were the Lieutenants? Rothbard, Kirzner, and Lachmann?
Haha, great post.

"Who's more foolish, the fool or the fool who follows him?." -Obi Bob Murphobi

Yeah that's who I had in mind.
Not bad.

Salerno, Klein and Block against Koppl, O'Driscoll and Rizzo all in one topic.

With guest appearances from Boettke and Ebeling so less.
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