Thomas E. Woods, Jr., is the New York Times bestselling author of 11 books, including The Politically Incorrect Guide to American History and Meltdown (on the financial crisis.) A senior fellow of the Ludwig von Mises Institute, Woods has appeared on MSNBC, CNBC, FOX News, FOX Business, C-SPAN, Bloomberg Television, and hundreds of radio programs... (Read More)
There’s a bizarre left-wing/LaRouchian claim going around that the Austrian School of economics is nothing more than a grandiose rationalization of world domination by the existing financial elite. The financial elite allegedly support Austrian economics for this reason.
Leaving aside the general absurdity of the claim (are the financial elites calling for the abolition of central banking, which they labored so hard to establish in the first place?), this claim would seem to involve the individuals making it in rather a difficult contradiction:
(1) Austrian economics serves the financial elites, who in turn favor Austrian economics.
(2) The financial elites have vast influence.
(3) Almost no economics undergraduate ever hears a thing about Austrian economics.
If the financial elites want to promote Austrian economics and have vast influence, how can it be that they have done such a terrible job, as reflected in (3)?