Theory of “pump priming” was born. The massive growth continued ever since the Great Depression. “Instead of the problem of too little money, we are faced with the problem of too much money. People came to believe that free market capitalism has failed.” But it is a failure of government, ever since the government has been fine tuning the economy.
Richard Ebeling mentions, “they [the Austrians] somehow failed to fully and consciously clarify both to themselves and to others ‘how and why’ what they were doing was different, distinct, and uniquely insightful.” The Austrian theory has always been compared to the old school of thought and even ignored! It can stand as a contemporary theory on its own.