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It’s been confirmed now that economist Sandeep Jaitly has been forced to resign his position from The Gold Standard Institute following his on-air remarks about Ludwig von Mises and Ayn Rand. Jaitly, a follower of Antal Fekete, originally tweeted that “If it ain’t Menger or his direct student Eugene [sic] Von BB, it ain’t Austrian. Sorry #Mises: respectfully, too many mistakes were made.”

On August 16th, Jaitly elaborated further on Russia Today’s Keiser Report:

Mises didn’t look back to Menger’s original axiom which was that value is not outside of your own consciousness. And he didn’t observe what Menger observed about market action in the sense that there are always two prices, there’s a bid and an offer. And von Mises didn’t like to admit that interest was a market phenomenon. He sort of wanted to imply that it’s a sort of natural consequence of not having a present good basically. So to develop a theory of interest without going back to Menger’s original observations is not continuing the tradition in the Austrian way as we would see it.

Then, after much debate in the blogosphere, someone known as kdt posted this text purporting to come from The Gold Standard Institute on August 25th:

Lest there be any misunderstanding, the views expressed by Sandeep Jaitly in his interview with Max Keiser (http://maxkeiser.com/tag/carl-menger/) are not the views of The Gold Standard Institute. To the contrary, we strongly disagree with those views. There is no doubt that Ludwig von Mises made mistakes; that should not diminish the respect due to a great scholar. The mistakes of Mises are dwarfed by the enormity of his positive contributions. The Institute believes that history will judge Ludwig von Mises far more kindly than does Mr. Jaitly. The Ayn Rand diatribe was of a tone that displayed little understanding of her philosophy and needs no further comment. The philosophy of The Gold Standard Institute has always been, and will remain, to debate and promote ideas, not to attack people.

Sandeep Jaitly has resigned from his position as Senior Research Fellow with the Institute and we sincerely thank him for his past contributions.

Philip Barton
President

In an email confirming the action, Sandeep Jaitly explained to me, “apparently, they don’t want to burn bridges,” and I take this to mean bridges with large benefactors and partners. However, Jaitly is unfazed and vows to continue his work including a PhD acceptance speech on the Ludwig von Mises split from Carl Menger and Eugen von Böhm-Bawerk regarding certain aspects of interest rate theory.

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