And why is Ron Paul obsessed with it?
By Matthew Yglesias | Posted Friday, Jan. 6, 2012, at 4:16 PM ET
As he declared quasi-victory in Iowa following a third-place finish,
Ron Paul puzzled cable news watchers across the country by proudly
proclaiming, “We are all Austrians now.”
The average Republican presidential candidate would sooner officiate a
gay marriage than praise Europe, yet here was Paul pledging allegiance
to Vienna. What did he mean? Why would we all be Austrians?
Paul’s statement was crystal clear to those familiar with the
internecine controversies of the libertarian movement. He was referring
to so-called “Austrian economics,” an idiosyncratic passion of his and a
set of beliefs that put him at odds with the vast majority of
well-known economists of all ideological inclinations.
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