There may be something new on the shelves of your local bookstore – works representing the Austrian School of Economics.In the post-World War II decades, the U.S. and Great Britain largely adopted the thinking of economists John Maynard Keynes, and then John Kenneth Galbraith, as representing conventional wisdom. In comparison, scant references were made in undergraduate collegiate academia to F.A. Hayek and Ludwig von Mises of the Austrian School of Economics.With the re-emergence of Hayek’s The Road to Serfdom, he and Mises have begun attracting attention among general readers. They wrote before, during and in the years after World War II when capitalism was under heavy ideological assault by the two collectivisms of the 20th Century: Fascism and Marxism. Today, in their writings, we can today find an articulate defense of capitalism and a rapier attack on socialism and collectivism in general. Both economists offer an alternative to Galbraith, and to a current leading...(Read Full Post)