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Is Economics an Apologia for Capitalism?


Tags Other Schools of ThoughtPhilosophy and Methodology


Michael Perelman argues that economics is not an objective science, but an ideology, an apologia for capitalism promoted by the mercantile classes and their intellectual vanguard. Richard Vedder says "[a]s neo-Marxist accounts go, this one is far less polemical and hysterical than some, but it still simply does not accord with critical facts."

Of Perelman's previous book, Greg Clark says that "Perelman, like Marx, suffers from a wildly romantic vision of a pre-industrial England of laughter and leisure that accords little with reality. Marx had the excuse that he was writing at a time when little was known about that past. "

Peter G. Klein is Carl Menger Research Fellow of the Mises Institute and W. W. Caruth Chair and Professor of Entrepreneurship at Baylor University's Hankamer School of Business.

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