Thornton on Krugman on Austrian Economics and Ron Paul

My former professor and current friend Mark Thornton has an insightful and concise blog post getting at the heart of Paul Krugman's most recent attack on Austrian economics. He exposes Krugman's faulty economic framework and highlights how, on point after point, his faulty framework leads to faulty conclusions. It is also a passionate piece of writing because, as Thornton says,

Had we not followed the advice of Krugman, Bernanke, Geithner, Summers, Paulson, Goldman Saks, etc. this economic crisis would have been over a long time ago. Instead we are forced to follow the madness of Paul Krugman and Ben Bernanke.