The Power of Independent Thinking


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Volume 1  Number 4  •  Spring 1997
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Deja Vu: Branko Horvat’s “New Approach”
By Ivan Pongracic, Jr.
This article appeared in the Spring 1997 issue of The Independent Review

In his 1995 book The Theory of Value, Capital and Interest: A New Approach, Yugoslavian socialist Branko Horvat reformulates the ideal of central economic planning but fails to answer the long-standing criticisms raised by F.A. Hayek and Ludwig von Mises. Eastern European leftists such as Horvat mistakenly equate mainstream neoclassical economics with a defense of capitalism, and increasingly appeal to the morality of “economic justice.”