Hi clo,
At some point, people have to surrender to the truth. We all make mistakes. Sometimes we need to modify our theories because it turns out they do not work.
Unfortunately, for the Austrian school economists, with the failure of their analysis goes the underpinnings of their theory of the world. And when they lose that, they lose all their weird, counter-intuitive argumentlets upon which their understanding of the universe is based: greed becomes greed rather than goodness; trickle down becomes trickle up; lowering taxes lowers tax yields (although I concede that lowering really high taxes likely produces higher yields); a massively unequal society doesn't create entrepreneurialism - it harms it; charity does not replace the government safety net, especially during recessions when it is most needed.
What you actually get with Austrian economics is the early twentieth century notion of social darwinism. A brutal society in which the weak, the unfortunate, the poor suffer and perish. And a small class of wealthy people delight in their castles at how moral the world is, counting their pile of gold and silver and observing how cheap goods are these days.
It isn't pretty when revealed for what it is.
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