Influenced by the writings of the great Frederic Bastiat, Vilfredo Pareto promoted free markets and economic liberalism in 19th-century Europe. Pareto also made a number of important contributions to economic theory and practice.
Marxism has seeped into politics, education, and religion—reducing human action to class and race. Mises offers a more accurate understanding of how humans act.
Modern neoclassical economics is based upon the physical sciences, which Austrian economists recognize is an inappropriate way to explain economic phenomena. Ludwig von Mises recognized this fraudulence, calling it “scientism.”
Nominalist ideas influenced the scientific revolution, shaping its departure from metaphysics, its mechanistic perspective, and the mathematization of all sciences. This paradigm has brought about some errors in economic thinking.
How much money does an economy need in circulation to function? Austrians believe that a growing economy does not need a growing supply of money, which sets Austrian economics apart from other schools of economic thought.
Keynesian “economics” is not just wrong; its precepts are not just based upon fallacies but also on lies. Since Keynes self-described as an “immoralist,” we shouldn‘t be surprised that his economics is immoral, too.
Bob responds to Oren Cass’s appearance on Tucker Carlson, offering a charitable yet firm economic critique of the anti–free trade ideas gaining ground on the political right.
Karl Marx still is revered by modern academics as a prophet. However, given Marx‘s penchant for making false predictions, at best he would be a false prophet, someone whose word cannot be trusted.
Not only are modern monetary theory (MMT) cultists dishonest about the role of money, they also are dishonest about money‘s history. By taking issue with Carl Menger‘s historical version, they expose their own ignorance of how money came about.
Why do mainstream economists suddenly think clearly when it comes to tariffs—but abandon logic elsewhere? Mark Thornton unpacks why even Krugman and Marx agree with Austrians on free trade.
