Other Schools of Thought

As dismissive as many of us would like to be toward Marx’s thoroughly debunked labor theory of value, it still holds currency among today’s budding socialists.

Presented at the Mises Institute's "First Annual Advanced Instructional Conference in Austrian Economics" at Stanford University.

Presented at the Mises Institute's "First Annual Advanced Instructional Conference in Austrian Economics" at Stanford University.

Hazlitt and all of the other critics of Keynes never did get to the primary points with respect to what was wrong with Keynes. One point was theoretical. The other was practical.

The idea that people are driven by fear of losses more than they are by the potential for gain has attained a sort of dogmatic adherence among behavioral economists. But there's a problem: the theory isn't true.

Disillusioned in the Prussian state, the Young Hegelians proclaimed the inevitable coming apocalyptic revolution to destroy and transcend that state.

John Maynard Keynes's stance on German reparations in the wake of the First World War may have precipitated the rise of Hitler.

"I am not saying that fiat money, once established on the ruins of gold, cannot then continue indefinitely on its own. Unfortunately … if fiat money could not continue indefinitely, I would not have to come here to plead for its abolition."

There is a growing drumbeat from some high-profile economists to reassure Americans that large increases in income and wealth taxes won’t distort labor markets. Yet much of their arguments are very misleading.

The rulers of that period had far-reaching powers over the activities of their subjects, while individual liberties were largely submerged.