[od2m]

Economics as a profession has been captured. Mainstream economics exists to do nothing more than justify the behaviour of politicians with the veneer of science. Keynesianism/Chicago school is simply not descriptive of reality, and when viewed through the lens of proper economics, is actually the transfer mechanism of wealth from the lower to upper classes: "Look, our best economists say we need to keep acting irresponsibly which just happens to enrich our wealthy benefactors!" Krugman is the highly decorated king of these idiot keynesians.

Austrian economic theory is much more descriptive of reality (although probably not fully descriptive), and yet is cast as voodoo science because if followed correctly there's no opportunity to steal from us through debt and inflation: Government debt is bad, expansionary monetary policy is bad, most economic interventions will lead to unintended consequences worse than the original problem.

When I talk to young economics graduates, many have never even HEARD of Austrian economic theory, let alone studied it in college. At some point in the future, this era will be looked back upon as a dark time in economics in the same way that the medical profession now looks back at seemingly valid theories at the time of "bad humors" causing disease. Our descendents will say "We can't believe those idiots thought they could just print money and spend themselves into debt and there would be no long term consequences."

The king has no clothes.