If the influence of ordoliberalism has been felt primarily in Europe, then the influence of Austrian ideas lies in the United States. Austrian ideas have long had an American pied-à-terre, as we saw in Schumpeter's diagnoses of the 1930s. They came back into vogue in the current crisis because they seemed to have been onto something that few Keynesians (except Hyman Minsky) had paid much attention to, and in doing so they gave us another set of reasons to be austere.

Mark Blyth, Austerity, loc. 381