Economy

In Our Heads We Are All Marxists—How Marx’s Myths Shape Our Affluent Society

Even though few self-identify as Marxists, many of the Marx’s ideas remain in fashion. In particular, his denigration of capitalists and entrepreneurs as stealing from workers, and his failure to identify their effective beneficence, remain quite popular.

On the Abuse of Monetary Policy

The euro has been a political project since its inception. That is why the independence of the European Central Bank was also in danger from the outset. In the end, it always came down to the alternative “Cambridge or Vienna” or, rather, “Keynes or Hayek.” The option for Keynes led to an increasing politicization of monetary policy in the European Monetary Union.

The Ethics of the Market Economy: A Critical Appraisal of Ludwig von Mises’ Utilitarian Interpretation (Academic paper)

Mises’ interpretation of market capitalism is flawed. In truth, Mises is best interpreted in a non-utilitarian way.

The True Meaning of ‘Social Justice’: A Catholic View of Hayek (Academic paper)

Hayek’s dismissal of the concept of “social justice” is well-known. While we can basically agree with Hayek’s critique, we should not entirely reject this concept. There exists a true meaning of social justice.

Crony Capitalism: Inefficient, Unjust, and Corrupting

Donald Trump’s candidacy has brought many topics to greater public attention. One subject, however, that has gained significant traction because of the Trump campaign is the problem of crony capitalism—or, more simply, cronyism.

Does Capitalism Cause Poverty?

Capitalism gets blamed for many things nowadays: poverty, inequality, unemployment, even global warming. As Pope Francis said in a recent speech in Bolivia: “This system is by now intolerable: farm