The flaws in left-wing economists’ thinking

The doctrines of left-wing economists ...

Isabella Weber and her book on so-called anti-fascist economics are attracting considerable attention. She advocates government-set prices for necessities. But the spectrum of what is known as heterodox economics is much broader. For several years, U.S. economists such as Stephanie Kelton have been promoting Modern Monetary Theory. They want to end central bank independence and enlist central banks to finance government spending. Finance ministers would then use this funding for economic stimulus programs, calibrating government spending to achieve full employment with low inflation. Another proponent of heterodox economics is Italian-American economist Mariana Mazzucato, who advocates an entrepreneurial state. In her view, it is primarily the government, rather than businesses, that drives new technologies. Other economists call for substantially higher taxes to redistribute income and wealth toward poorer segments of the population.

... rest on questionable assumptions

These economists and social scientists, often aligned with the left wing of the U.S. Democratic Party, start from problematic assumptions.

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