Other Schools of Thought

One of the standard doctrines of mainstream economics is that the assumptions of a model do not have to reflect reality. Austrian economics vociferously disagrees.

University of Rochester economist Steve Landsburg joins Bob to discuss the abysmal performance of ChatGPT on his undergraduate exam.

Modern mainstream neoclassical economics is constructed on utilitarianism. Murray Rothbard challenged that worldview on many fronts.

Per Bylund joins Bob to discuss his new paper at the QJAE, which points out several flaws in the MMT claim that money is valued in order to pay taxes.

Bob and Brian Albrecht discuss rational expectations, real business cycle theory, and how Alchian cracked the military's top secrets.

Conservative icon William F. Buckley wanted a "totalitarian bureaucracy within our shores" to combat the communist threat. Far too many modern Chinaphobes are embracing a similarly deranged policy. 

Karl Marx may have been a philosopher or just someone with an opinion. He was not, however, an economist.

Karl Marx may have been a philosopher or just someone with an opinion. He was not, however, an economist.

Karl Marx portrayed a horrifying and violent state of society which is allegedly necessary "to reduce all to a common level."

Jeff Deist and Allen Mendenhall discuss "stakeholder" capitalism and what we can do to push back against ideological purity tests.