Mises Wire

Is Subjective Economics “Bourgeois Economics”?

Socialism: An Economic and Sociological Analysis

“Marxism makes use of the same method with regard to modern subjective economics.  Unable to oppose it by a single word of reasonable criticism, the Marxian tries to dispose of it by denouncing it as ‘bourgeois economics.’  To show that subjective economics is not ‘capitalist apologetics’ it should be sufficient, surely, to point out that there are socialists who stand firmly by the theory of subjective value.  The evolution of economics is a process of the mind, independent of the supposed class interests of economists, and has nothing to do with supporting or condemning any particular social institutions.”

—Ludwig von Mises, Socialism:  An Economic and Sociological Analysis

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