Greg Ip showed a lack of understanding of the Austrian school of economics that he purports to criticize. Mr. Ip claimed that Austrians believe recessions are “natural features of capitalism” and that monetary policy cannot fix them.
The second claim is true, but the first claim is not. The Austrian view is that recessions are the consequence of preceding inflationary booms that are themselves caused by expansionary monetary policy. Government central banks are responsible for the monetary excesses that eventually lead to recession.
Expansionary monetary policy not only cannot cure recessions; it is their very cause. Those central banks are not a “natural feature” of capitalism but, rather, were established by governments as a device to raise revenue, often for war, and distort economies for political gain.
Steven Horwitz, Canton N.Y.
So that's a win. The loss? Here's the headline on the letters section:
How Austria’s economic model really works
<facepalm> Is it okay to write a letter to the editor complaining about the editing work of the editor of the letters to the editor page?