The Socialists

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The Socialists

We think the neoclassical or Keynesian system should be patched up instead, although that patching will not be small.

The textbooks will have to go.

So will the comfortable men and women who believe that a public office concerned with economics can be a haven of peace and rest, a place to commune with past truths.

But let us get on to the socialists.

The ideas of the great socialists take us back again to the last century.

And here there is a special problem.

In this tradition, Marx's ideas are central, even overpowering.

They lend themselves toy interpretations, and his followers have been exceptionally free in making them.

As we've said, American economists in high office reach into the future and adjust it to their needs; what they predict is what they need to have happen.

In the Soviet Union and the other Communist countries, Marxists reach into the past and adjust Marx to their needs.

Once, before his death in 1883, Marx looked at some of the interpretations to which his work had already been subject and declared that he himself was not a Marxist.

Learn More About Modifying Market Systems

The Control Of Inflation

We've always believed that capitalism lends itself to more reform, more patching up of one messy sort or another, than most scholars of any intellectual rigor and purity imagine.

Or business-men, for that matter.

Many businessmen believe that any modification of the system is destructive, the first step down to Bolshevism.

One reason for our own optimism, no doubt, is the natural comfort we feel with the system ourselves.

We told you to assume a personal bias in all economists unless there is proof of a truly saintly detachment.

Personal bias makes us a reformer rather... see: The Control Of Inflation

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