Austrians are more and more noticed in the mainstream.  You don’t get much more mainstream than Paul Krugman; he has written a short blog post (HT EPJ) critical of Austrians and their supposedly creative use of the term “inflation.”  Referencing a Noah Smith post, Krugman writes: Noah Smith has a funny piece on the hermetic system that is Austrian economics, with its multilayered defenses against any kind of criticism. What gets me in particular, because I’ve noticed it a lot lately, is this: 3. “Inflation” doesn’t mean “a rise in the general level of consumer prices,” it means “an increase in the monetary base”, so QE … Continue reading Establishment Obsession With Austrian Economists