We hear it all the time now from mainstream economists. No one could have predicted the economic crisis. No one could have predicted that the various “stimulus” programs would fail. And no one could have predicted that all the fake money the Fed has pumped out wouldn’t jump-start the economy.
There’s only one problem with that. Economists of the Austrian school predicted all of the things that the neo-Keynesians now say weren’t predictable. So why is it we aren’t turning to the Austrians for guidance about how to get out of the mess the Keynesians have created?
Jeffery Tucker has a fantastic article today giving specific examples of things that Austrian economists have said in the past few years. I highly recommend you read it and then think about why politicians and bureaucrats keep following the idiots who have been wrong over and over so far.