Even Marx was forced to admit that workers were not being paid at subsistence levels, and that capitalism led to a rising standard of living for workers. So in order to save his theory, he redefined the concept of subsistence.
Dressing up the history of the world, and its economic development, in terms of transaction costs is mostly not very helpful.
The characteristic principle of capitalism is that it is mass production to supply the masses. Big business serves the many.
But how can anyone deny that the East German or Russian experience is decisive evidence against socialism? The answer lies in creating a arcane theories that make socialism sound reasonable.
The vocational economist is dedicated to a body of ideas — not merely money, fame, or power — and strives to master the system of economic theory as handed down by the great system builders and innovators of the past.
Patrick Deneen lumps everything he dislikes under the label of "liberalism." But one is left wondering if he is familiar enough with liberalism's history to pass judgment on it.
