How Liberals (and notably Matthew Yglesias) Distort Austrian Economic Theory

Matthew Yglesias
Bearded-Occupier Matthew Yglesias Image via ygurvitz/Flickr

By the Left Coast Rebel

Just read and digested a great post on Austrian economics at It's a great launching pad for limited-government advocates that need a good starting point of debate against those who blithely accept our nation's socialist-Keynes-dominated economic theory and the damage it has done to this nation.

Also, the author Sheldon Richman (of The Freeman publication) rather effectively points out the intellectual fallacies of Think Progress's Matthew Yglesias in regards to Austrian economics.

As we have noted over the years here at LCR, Yglesias epitomizes the straight-jacket prism confining mind-prison and ultimate inevitability of the progressive worldview. Like Paul Krugman, he insulates himself in fancy-sounding, pseudo-academic far-leftism and violently intones against those who dare to disagree with his distorted vision of how our society should operate. Like a true Bolshevik, he stares down upon those who reject leftism with visceral disdain.

True to form, the link above points out that in a recent Slate piece, Yglesias criticizes Austrian economics not for what the theory correctly holds, but rather what it does not. Read it and you'll see what I am talking about.

Updated: Saw this comment at the piece:

If you don't respect people's desire to pursue a wide diversity of aims by purposeful action, it's very hard to take Austrian Economics seriously.

Yglessias strikes me as someone who thinks that there is one enlightened way to go about life, and that people who don't share those goals or methods must be erring due to ignorance or malevolence. He appears to filter what he hears or reads through this mindset, discarding any idea or fact that contradicts it. His filter is so strong it's a reality distortion field.

This commenter nails it. Leftists (and unfortunately many statist-rightists as well) such as Yglesias, defy an individual's basic freedom to pursue a wide diversity of aims, most notably economic. This out-and-out rejection of the most basic tenets of liberty and freedom is supplanted with an "enlightened" vision of what you and I must do, that, subsequently, is enforced by the barrel of a gun.

And God forbid you dare disagree with their vision, for you are too stupid and too unenlightened to even fathom their vision, or to realize what is good for you: Because they say so.

Leftists like Yglesias are the true flat-earthers of this world.

Stubborn facts for active minds
and non-flat-earther progressives:

@ Cato: Keynes Vs. Hayek: The Great Debate Continues

@ Cato: Not Keen on Keynes

@ Mises Institute: The Misesian Case Against Keynes


  1. Yglesias, Krugman and their ilk are so invested in the Keynesian model that they can't or won't see the forest from the trees.

    To change their opinion at this point would be admitting they are wrong and their ginormous egos would never allow for that.

    1. Totally right, Chris. Also, they would never give up their superiorty complexes and lust for total control over you and me. That's why they have more in common with Leninism than liberalism.

  2. Yglesias is consistently wrong about everything. But he's good at that.

  3. Tim, with this... "This commenter nails it. Leftists (and unfortunately many statist-rightists as well)" ... you nailed it.

    Outstanding post!

  4. Thanks, Les... slowly creeping back here ;)

  5. Krugman and Yglesias have paid a lot of money to have the correct education to feel superior. The expert professors said the world works in a certain way and they know best. Flat earthers is a valid description of this self important "Harvard" intellectuals club.


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