Courtesy of Mish.
Once upon a time (today), in a land not so far away (USA), there lived a trio of economic wizards (economists), whose names shall remain anonymous (Paul Krugman, Greg Mankiw, Ben Bernanke).
A fourth wizard, Murry Rothbard, is no longer among the living but resides in the netherworld.
The above wizards seldom agree with each other because they come from competing schools of wizardry.
Three Schools of Economic Wizardry
- Keynesian School of Fiscal Voodoo and Witchcraft
- Monetarist School of Monetary Voodoo and Witchcraft
- Austrian School of Sound Money, Sound Economic Principles and Common Sense.
“Dark Arts” Wizardry
The first two wizardry schools belong to a class of wizardry promoted to aspiring wizards as the “Dark Arts”.
Philosophical Beliefs
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