In 1849, at a time when classical liberalism was still the dominant ideological force and “economist” and “socialist” were generally considered antonyms, Gustave de Molinari, a renowned Belgian economist, wrote, If there is one well-established truth in political economy, it is this: That in all cases, of all commodities that serve to provide for the tangible or intangible need of the c…
It was a tragic day when economics, the queen of the social sciences, adopted the methods associated with the natural sciences: empiricism and positivism. In the sweep of economic thought, this change occurred-not coincidentally-about the same time that intellectuals and politicians came to believe in the efficacy of government planning. Despite their failures, both doctrines remain god- less f…