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Unemployed? Blame the Austrians!
That may seem an odd idea. The small, charming country of waltzes and Sachertorten to blame for today’ exorbitant unemployment rates? How could that be?
Well, I am not suggesting we blame present-day Austrians. The problem is historical. Beginning in the nineteenth century, a group of Viennese academics developed a distinctive variety of libertarian (free-market) economics, which still influences us today. The most famous member of this group was Ludwig von (…)