Karl Menger

Guest author: Stefan Boyadzhiev Man never mounts higher than when he knows not where he is going. —Oliver Cromwell* Two weeks ago, EKIP published an article by Slavcho Marinov, which was dedicated to a critique of libertarianism. It, in turn, was the second part of the author's more general theme and idea, to …

According to mainstream economics, the central bank is the key factor in determining the level of interest rates. By setting short-term interest rates and based on expectations about the future course of its interest rate policy, it influences the entire structure of interest rates. It follows that economic players have almost no …

This article examines major problems in one of the fundamental constructs of Marx's theory of capitalist economics. The shortcomings of the labor theory of value are pointed out in Marx's Capital to show how this leads to the collapse of "capitalist exploitation" as a thesis. The subjective theory of value in ...

The 24th anniversary of the fall of the Berlin Wall (November 2013) gives us a good reason to look back at the economic and philosophical foundations of Marxism; of the “scientific” communism that was supposed to lead humanity to the inevitable final stage of history and the end of the dialectical clash between classes. We all know what this experiment led to…