On the other hand, I'm not going to do like Krugman and dismiss Austrian economics as "about as worthy of serious study as the phlogiston theory of fire.
He labored under an old notion that combustible substances had a constituent, "phlogiston," which departed from them when they burned (as soot, for example).
Chemistry would not have improved much since Lavoisier's youth if chemists were still loosely calling all combustible materials phlogiston.