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August 2011

Recs

83

Talking Past Each Other: MMT and Mises

August 17, 2011 – Comments (18)

In 1896, economist and marginal utility theorist Eugen von Bohm-Bawerk published what is still today considered the definitive criticism of Karl Marx's economic system. Despite the positive academic reception of his work, Karl Marx and the Close of His System, the response from Marxians can only be characterized as silence. Did they reject it as ad hominem? On the contrary, Eugen had gone out of his way to avoid direct criticism of the man, Karl Marx. Did they not understand it? Did they simply have no response to the powerful criticisms? No. In fact, as we know too well, there is always some response in heated economic debates.   [more]

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