Down with your staccato triangles of change!

SMITH_MARX

Adam Smith (Institute) vs Karl Marx

A really succinct and excellent piece by Madsen Pirie here on what Marx got wrong, particularly about his Hegelian model of change. As Pirie argues, change is more evolutionary than revolutionary, which means Hegel’s rather violent and triangular model of thesis, antithesis and synthesis is not a great means of describing what actually happens. Read Madsen’s piece on the ASI Website.

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The price of everything and the value of nothing

Video

Economics is Fun Series – Part 1 – Value

This is the first in a series of short videos on the basic concepts of Economics, produced by the Adam Smith Institute and featuring the eccentric but rather brilliant Dr. Madsen Pirie. I’ll be posting more quick videos from this excellent series over the coming weeks.

First up, why objects have no value and what Marx got wrong about labour.

For those of you who are interested in finding our more about Madsen Pirie, I’d suggest his Economics Made Simple followed by the (more fun) and provocative How To Win Every Argument.