by Mark Skousen First published in The Imaginative Conservative (link) “Austerity” has become the watchword of the year. Governors, prime ministers, and presidents around the world are talking about cutting welfare benefits, curtailing public union power, and reducing deficits. We’ve over-promised at the public trough, and now we must pay the price. Whoever is elected president in November is going to face the need to retrench. Yet only one school of economic thought, that of Friedrich Hayek and...