Other Schools of Thought

Did Stephanie Kelton correctly predict that government debt would be benign back in May of 2020? Bob and guest Jonathan Newman discuss.

"Carl Menger’s writings are the closest to Randian doctrines that have ever emanated from any economist. It will follow that we should read and reread his great books."

According to Marx, all ideas represent class-based interests, leaving no room for objective truth. The problem is that Marxists claim to hold to objective truth, but manage to contradict themselves.

A discussion of the 1974 South Royalton Conference on Austrian Economics by those who attended. 

The Methodenstreit between the Mengerian Austrian School and the German Historical School needs to be rejoined. Mainstream economists are embracing the historicist approach, which is not real economics at all.

Henry Hazlitt's The Failure of the New Economics remains the best criticism of J.M. Keynes's General Theory.

According to Marx, all ideas represent class-based interests, leaving no room for objective truth. The problem is that Marxists claim to hold to objective truth, but manage to contradict themselves.

Behavioral economics operates on the assumption that human emotions play an important role in determining economic choices. However, while all of us have emotions, we ultimately use reason to determine what we need to sustain our lives.

When Adam Smith and the English classicals promoted division of labor as the most important ingredient in economic development, it took Carl Menger and his Austrian successors to point out that error and promote the proper economic theory of production.

Recorded in Tampa, Florida, on February 17, 2024.