The disposition to admire and almost to worship the rich and the powerful and to despise or, at least, to neglect persons of poor and mean condition is the great and most universal cause of the corruption of our moral sentiments.
- Adam Smith
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Dollars & Sense, Show 55/56, Dirty Laundry Golden Money
DRSCHOON.COM features the articles of Professor A. E. Fekete of the New Austrian School of Economics, a leading expert on gold and its role in financial markets and the economy.
Critique of Mainstream Austrian Economics
in the spirit of Carl Menger
An analysis of some aspects of the economics of Ludwig von Mises
I have always been an admirer of Ludwig von Mises (1881-1973) and long considered him the greatest economist of the 20th century. He was also a charming and a modest person. He would have never considered himself infallible. And he wasn’t. After a long study, soul-searching and hesitation I called attention to points where in my opinion Mises was wrong.
With a great deal of diffidence and humility I am doing my best to defend my position vis-a-vis that of Mises.