The First Example

During the previously mentioned Bush 41 recession, a UNLV professor named Murray Rothbard was explaining "why the economics profession, once revered as a seer and scientifc guide to wealth prosperity, has been sinking rapidly in the esteem of the American public." In his book Making Economic Sense, Rothbard called onto the carpet the National Bureau of Economic Research for being "trapped in its own methodology," depending too much on finding peaks and troughs in data cycles and not enough on common-sense observation (Rothbard, p. 258-259.)

Later the professor blasts pundits who claim that since inventory is not accumulating, a recession can't be taking place. Rothbard counters that "malinvestments caused by inflationary bank credit don't necessarily have to take place in inventory form" and that these pundits are confusing symptom with cause (Ibid, p. 260.)