In case you missed it last week (or if you have better things to do than follow a debate between economic professors), Paul Krugman – Nobel Laureate and the New York Times’ answer to Justin Bieber – devoted a blog entry to discussing the Austrian Business Cycle Theory as explained by professor Robert Murphy.
While I was not a huge fan of the original piece by Murphy, his rebuttal to the Krugman blog entry is excellent, and a must read for anyone with an interest in the Austrian School of Economic Thought.
Krugman’s blog entry: Great Leaps Backward
Murphy’s reply: My Reply to Krugman on Austrian Business Cycle Theory
DISCLAIMER: Nothing in this article should be construed as a personal recommendation or investment advice. Nor should anything in this article be construed as an offer, or a solicitation of an offer, to sell or buy any particular investment security. Investors should conduct their own due diligence and seek the advice of a financial and/or investment professional before making any investment decisions.