This post is for the econo-geeks in the crowd. On Thursday my Mises Daily article will turn the tide on this Sumner–DeLong double-team on poor Arnold Kling (who threw in the towel much too prematurely). I am giving advance notice for people who want to read up on the exchanges, and also so Scott can get his will in order. (I hope he has a sizable whole life insurance policy, but I’m betting he sank everything into indexed mutual funds.)
Suffice it to say, when we take a closer look at the data, we see that the Austrian/Klingian resource-misallocation thesis holds up very well.