Leading the way

The history of the Austrian School of Economics has had its ups and downs.  In the 1920s through the 1930s was the school of prominence.  During the 1930s the school lost prominence with the Great Depression and the rise of the Keynesian School of thought.  This was a battle of ideas that continued between F.A. Hayek and J.M. Keynes throughout the 1930s and 40s.  Hayek's ideas received attention again in the 1970s following his winning of the Nobel Prize in Economics in 1974 and the South Royalton Conference that attracted many young scholars that are now leaders of that school.  This battle of ideas is portrayed well in the book and PBS special Commanding Heights. 


With boom of the 1980s and 1990s the Austrians receded into the background.  With the recent financial crisis the ideas of both J.M. Keynes and F.A. Hayek are both getting more attention.  One scholar who is working in the Austrian tradition and leading another resurgence is Dr. Peter Boettke. Recently, the WSJ ran an article highlighting Dr. Boettke and work.  Very worth the read.