Other Schools of Thought

In the words of Henry Hazlitt, "ideas which now pass for brilliant innovations and advances are in fact mere revivals of ancient errors."

The objections raised against the market economy are based on very bad economics.

Marx said that what he wanted was to create a one-world state. And that was Lenin’s idea too.

As the Marxians do not admit that differences of opinion can be settled by discussion and persuasion or decided by majority vote, no solution is open but civil war.

The thinking goes that MIT's new GDP-B measure allows the statistician to estimate a “consumer surplus.”

J.B. Say and the French Liberal School absorbed a method of approach that was, implicitly at least, subjectivist and individualist. And herein lies the reason for many modern critics' disparagement of the Liberal School.

Bob Murphy and C. Jay Engel discuss Doug Henwood’s recent critique of modern monetary theory in Jacobin magazine.

Bob and Warren Mosler discuss the assumptions behind Modern Monetary Theory and its implications for economic policy.

There is a persistent myth that capitalism has destroyed what would have been a natural abundance and peace of mind. Yet nature does not generate abundance or peace. The characteristic mark of the "state of nature" is irreconcilable conflict. 

Not only is capitalism not a system of the exploitation of labor, but the real system of the exploitation of labor is socialism.