Austrian Economics vs Keynesian Economics

Why are do so many economists believe in Keynesian Economics, while Austrian Economics has had a much better track record or predicting recessions?

Austrian Economists even have a well thought out explanation for the business cycle, unlike those who follow Keynesian Economics.

Perhaps it could be economists who follow Keynesian Economics are funded by the Federal Reserve System and those following the Austrian School of free market economics are not.

The Federal Reserve System also allows the government to spend money it does not receive through taxation. It’s no wonder people in high places espouse Keynesian Economics and downplay Austrian Economics.

Here’s a short video about the recent collapse and the correct predictions of Austrian Economists.

For more information on Austrian Economics visit The Mises Institute.

Gerald Celente’s 2011 Predictions – U.S. Economy Will Not Be Fixed By Washington

Jim Rogers Prediction: Economy will experience downturn by 2012

Ron Paul’s Predictions – 2010 Economy Will Get Much Worse

Gerald Celente’s Top 10 Predictions for 2010

I’m curious to see how many of these predictions will come to pass in 2010. Gerald Celente is not God and I don’t think he has a crystal ball. He has predicted many things in the past, based on current trends and his research of history. It should be an interesting year.

Gerald Celente on the Lew Rockwell Show – November 2009

Gerald Celente predictions for United States:long decline, war, & terror 2010.

Gerald Celente’s Predictions – 2012 Fascism Continues

Gerald Celente’s Predictions – 2010 The Greatest Depression

“No One’s Talking about Green Shoots Anymore”

Gerald Celente’s Predictions – 2010 Economy will restart deterioration after temporary reprieve.

Learn about Gerald Celente’s 2011 Economic Predictions