If the New Liberalism was what we might call “Mill’s modification”—a pragmatic adaptation to the complexities of the modern economy, then Austrian economics was “Ricardo’s rejection”—a fundamentalist reaction against the modern economy. The Austrian economists believed that liberalism was best defended, not through more redistribution and state management, but through the complete withdrawal of the state from its role in the economy. To borrow a term that is commonplace today, the Austrians were the original “neo” liberals.

Mark Blyth, Austerity, loc. 315