Peter Boettke on the Rise of Austrian Economics, Its Academic Inroads and Why the Market Should Decide

The Daily Bell – with Anthony Wile

Exclusive Interview

Dr. Peter Boettke

The Daily Bell is pleased to present an exclusive interview with Peter J. Boettke (left).

Introduction: Peter J. Boettke is the Deputy Director of the James M. Buchanan Center for Political Economy, a Senior Research Fellow at the Mercatus Center, and a professor in the economics department at George Mason University. Boettke received his BA in economics from Grove City College and his PhD in economics from George Mason University. Before joining the faculty at George Mason University in 1998, he held faculty positions at Oakland University, Manhattan College and New York University. In addition, Boettke was a National Fellow at the Hoover Institution for War, Revolution and Peace at Stanford University during the 1992-1993 academic year. He has been a visiting professor or scholar at the Russian Academy of Sciences in Moscow, the Max Planck Institute for Research into Economic Systems in Jena, Germany, the Stockholm School of Economics, Central European University in Prague and Charles University in Prague.

A brief synopsis:

Daily Bell: Is Austrian economics catching on? Has the economic crisis made it more or less fashionable?

Peter Boettke: Yes, Newsweek just had a nice article talking about the resurgence of interest in Hayek’s monetary and business cycle theories. Of course, the Hayek versus Keynes rap video has had over 2,000,000 views. I applaud all these efforts – especially when they get what the Austrian school is about correctly (see again Horwitz’s recent blog post on this at Coordination Problem).

Daily Bell: Are you anti central banking, when mandated by the government?

Peter Boettke: I believe there is no economic justification for a government monopoly over the supply of money. So yes, I am anti-central banking. And I am in favor of any set of activities that will constrain the power of the Fed. I recommend your readers look at the recent paper by White and Selgin on the history of the Fed. It is a track record of failure.

Daily Bell: What about entirely private central banking?