Branko Horvats New Approach
By Ivan Pongracic, Jr.
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.