Economics post-Friedmann has become entirely Sovietised, with apparatchiks paid to parrot the party line.

More than that, the oil-based inflation of the 70s was used as an excuse to 'prove' that state funding and income redistribution were destructive of the real economy.

Which of course they are, if you assume that the real economy is what traders do, and everything else is noise.

Although interestingly if you look at some of the latest noises from somewhere nominally conservative like Brookings, the serious wisdom has more in common with ET now than it does with Chicago c. 1980 or with Mises.

This is a good thing, because it's almost literally impossible to overstate the scale of the disaster that the apparatchiks have created - economically, culturally, morally, ecologically and politically.