And the Biggest Winners, Among Economists?


Niall Ferguson on Dead Men Walking: Why 2009’s truly top thinkers are yesterday’s news:

There is nothing like a really big economic crisis to separate the Cassandras from the Panglosses, the horsemen of the apocalypse from the Kool-Aid-swigging optimists. No, the last year has shown that all is not for the best in the best of all possible worlds. On the contrary, we might be doomed. 

At such times, we do well to remember that most of today’s public intellectuals are mere dwarves, standing on the shoulders of giants. So, if they had e-mail in the hereafter, which of the great thinkers of the past would be entitled to send us a message with the subject line: “I told you so”? And which would prefer to remain offline?

It has, for example, been a bad year for… By contrast, it has been a good year for… A special mention is also due to… Joining…in embarrassed silence, you might think, is… It has been a bumper year, on the other hand, for… The marketplace of ideas has not been nearly so kind this year to…

The biggest intellectual losers of all, however, must be the pioneers of…

And the biggest winners, among economists at least? Step forward the “Austrians” — economists like Ludwig von Mises (1881-1973), who always saw credit-propelled asset bubbles as the biggest threat to the stability of capitalism.


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One Response to “And the Biggest Winners, Among Economists?”

  1. bosoturk Says:

    I think the biggest winners are greedy bankers and brokers from Wall Street and also from London’s City…they will get millions of € so called prizes. But they don’t want confes, that they are guilty for this economical situation…

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