Hayek’s Best Test of a Good Economist
For Hayek, "The fools are those who believe they know more than they do."
For Hayek, "The fools are those who believe they know more than they do."
Socialism has long led to pitting one group against another. But many younger taxpayers have yet to see the downside to this.
Precisely because they are producing for profit, the businessmen are producing for the use of the consumers.
A debate between Böhm-Bawerk and John Bates Clark helps explain the foundational differences between Austrians and neoclassical monetarists.
Eric Posner and Gen Weyl's diagnosis of economics is accurate, but their cure is worse than the disease.
The image of Bastiat's school that has been handed down in the Anglo-American doctrinal literature is one that has been deliberately distorted by its doctrinal enemies and is in desperate need of extensive revision.
Without Lenin's political successes, Marx's writings would have been forgotten long ago.
Marxism was never a good idea "in theory." As Mises explained, it is a mess both in theory and in practice.
Letting data drive theory is like groping in the dark hoping to find not only a light switch, but the very idea of a light switch as well.