I haven't studied the Austrian School, but I do know that Keynes has been completely discredited by by anyone who's actually bothered to notice what's been going on in our economy...

I know that Ron Paul is an advocate of the Austrian School, and he's the first politician I've believed has integrity since I was old enough to pay attention to the difference between what "public servants" (cough) say and what they actually do.

Not topical to the deflationary question regarding wages, but general to a prominent antidote to the dominant [collectivist/redistributionist/socialist/fascist] Keynesian followers.