Thursday, July 25, 2013

Do Marxists Understand Austrian Economists Better Than Mainstream Economists?

 Gene Callahan writes:
"But, except among Marxists, who remain amongt the most historically literate among political economists, however, the Austrian argument that suppression of market institutions inexorably produces calculation chaos remains unfamiliar to mainstream economists..." -- John Gray, "Contactarian Method"
This is something I've noted often in the past: Marxists understand the importance of Mises and Hayek far more than do most mainstream economists. 
I think Callahan is correct here, but he titles his post,  I think this really qualifies as irony. In my view, the irony on steroids is that the Marxists understand the importance of the Austrians, especially when Murray Rothbard is brought into the picture, better than Callahan.

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