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The Battle of the Toms
The Austrian Economists —
... Steve Horwitz Since we haven't had a good post on intra-Austrian issues in awhile, I thought I'd weigh in on the quickly escalating Battle of the Toms taking place out in the libertarian blogosphere.
Said battle began yesterday when Tom Palmer of Cato and Atlas posted a review of Johan Norberg's new book Financial Fiasco. In that review, Tom veered off the road a bit to take a shot at Tom Woods' book Meltdown. Palmer wrote: It’s far ...
Tom Palmer's Strange Critique Of ABCT
Stefan Karlsson's blog —
Tom Palmer has a strange critique of Tom Woods' book Meltdown and the Austrian Business Cycle Theory presented there: "In fact, what we saw was a bubble in housing, which is not a “long-term project” that will “bear fruit only in the distant future,” but a speculative investment in a durable consumer good, with an additional twist: the low refinancing rates and the inducements to refinance led many to treat their homes as ATM machines and withdraw cash to finance, not “long-term projects,” but consumption. But Mises and Hayek explained a previous ...
