t is always encouraging when a non–Austrian School economist accepts through his own reasoning an essential tenet of Austrian economics. Ruchir Sharma, who is chairman of Rockefeller International, founder and chief investments officer of Breakout Capital, and a well-known economic journalist, is not an Austrian, though he is aware of Friedrich Hayek’s work. He lends strong support to the Austrian position that because competition moves resources to where they best fulfill consumer demand, the government must not interfere with this process by bailing out businesses that fail.
The position just referred to is called consumer sovereignty, and Ludwig von Mises explains it in chapter 15 of Human Action in this way…..
Who oh… another person comes to the same conclusions as the Austrians about bailouts using his own reasoning, not the Austrian school reasoning. It is nice to see that others can come to the same conclusions as the Austrians!