The Austrian School, generally discredited in mainstream economics, was split in its thinking. Which side are you referring to? Hayek and his notions of laissez-faire and markets organizing and regulating themselves? Look where that got us over the last 10 years. Canada regarded it as voodoo economics, went the opposite way and came out on top of all G20 countries.
As for Keynesian "mythology," the world went to Keynes when it hit the fan, all the developed countries. And the "Free Market." What's that? What does it look like? Where may I see one? Americans may think of the US and China as separate markets. They are Siamese twins; China a command economy. Rabid partisanship and mythology makes Americans vote against their interests.
Jim alluded on an earlier thread, and Replacement said on this one, if the US doesn't start thinking more intelligently and putting country before party we're all going to suffer badly. Mythology reinforces ignorance. To stay on thread, Teddy R. got it right. The Republican chose the side of the underdogs, the common people, and not of his class who he felt were sobs.
