No sooner is John Maynard Keynes declared irrelevant for modern economics than some establishment figure declares him the god of the age. It happened again, in the pages of Fortune Magazine (August 17, 1998). The writer was MIT's Paul Krugman, one of the most famous economists alive. His article, "Why Aren't We All Keynesians Yet?" was a hymn of love to the man who made government management of the economy a worldwide practice.
Financial instability and anti-capitalist fallacies about booms and busts.
Paul Krugman makes the case for loving Keynes. An Austrian responds.
John Roemer is a brave man. Few American economists today are prepared to defend full-fledged socialism.
Under socialism, government builders must fulfill the central plan or else. Quality, which can't be bureaucratically quantified, means nothing; in fact, it is an impediment to turning out the ordered amount of production with the least amount of effort. The result is incredibly flimsy buildings.
A satirical one-act play by Murray N. Rothbard about Ayn Rand's Objectivist "inner circle."
Mises explains why socialism always fails due to the absence of a free market pricing structure for capital goods.
