Karl Marx may have been a philosopher or just someone with an opinion. He was not, however, an economist.
Original Article: "Karl Marx Was Not an Economist"
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Despite the massive intellectual feat that Marx’s Capital represents, the Marxian contribution to economics can be readily summarized as virtually zero. Professional economics as it exists today reflects no indication that Karl Marx ever existed.
—Thomas Sowell
If socialists understood economics they wouldn’t be socialists.
—F.A. Hayek
Karl Marx is a very popular name in social sciences. As a scholar of the nineteenth century, he is still a part of political discussions today. He was born in Germany and later shifted to London where he lived with his family in exile. Marx was a sociologist and philosopher, but some also see him as an economist. This article is a rebuttal to such thoughts.
Economics simply deals with the problem of the allocation of resources. As
In 1991, India’s political leaders moved away from socialism, embracing markets and improving the economy. But Indian elites continue to push socialism to the detriment of the people.
Original Article: "Capitalism Has Improved Life in India, but the Spirit of Collectivism Still Dominates"
This Audio Mises Wire is generously sponsored by Christopher Condon.
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India is currently the seventh-largest country in the world with the largest youth population. There are many elements that make this country unique, the foremost being diversity—diversity of culture, race, ethnicity, and linguistics. India faced an era of colonialism under the British, who would take raw material from India at cheaper rates and import the finished products.
India and Nigeria are both countries that gained independence from Britain in the same period, but India is now rising much more effectively than Nigeria. Indians saved their culture and their religion but adopted the technologies of the West, whereas Nigeria adopted Western culture and religion but failed to utilize Western technologies. Indians adopted British discipline in their army, which
