mini-bio on Peter Boettke in the WSJ

From Kelly Evans on Peter Boettke in the WSJ...


...the 50-year-old professor of economics at George Mason University in Virginia is emerging as the intellectual standard-bearer for the Austrian school of economics that opposes government intervention in markets and decries federal spending to prop up demand during times of crisis. Mr. Boettke, whose latest research explores people's ability to self-regulate, also is minting a new generation of disciples who are spreading the Austrian approach throughout academia, where it had long been left for dead.

To these free-market economists, government intrusion ultimately sows the seeds of the next crisis. It hampers what one famous Austrian, Joseph Schumpeter, called the process of "creative destruction."

Governments that spend money they don't have to cushion downturns, they say, lead nations down the path of large debts and runaway inflation.

Eight decades ago, in the midst of the Great Depression, the Austrian school and its leading scholar, Friedrich A. von Hayek, fell out of favor relative to the more activist theories of John Maynard Keynes. The British economist's ideas, which called for aggressive government spending during recessions, triumphed then and in the decades since, reflected most recently in measures like the $814 billion stimulus package....

The funny thing is that Keynesian-style fiscal-policy activism has been intellectually bankrupt for 35-40 years. But politically, the incentives for politicians vs. rationally-ignorant voters call for intervention that necessarily looks better than it can perform.

But as the economy flounders, debt mounts and growth—revised downward Friday—flags, Mr. Hayek and his Austrian-school adherents like Mr. Boettke are resurgent as their views resonate with more people...

Anti-Keynes does not translate, fully, to Austrian-- but along a spectrum of beliefs about such things, current events encourage people to at least move toward Austrian conclusions.

Pete is a good guy and a terrific scholar. He was working on his Masters at GMU when I was completing my Bachelors degrees there. Since then, we've bumped into each other once in awhile at conferences. I hope his projects continue to prosper!