https://quadrant.org.au/magazine/2018/10/exorcising-marx-economics/
Regard Marxism as the economic equivalent of a dead language and it makes some sort of sense — worthy of study for its place in the pantheon of human knowledge and doleful impact when implemented, but otherwise having no contemporary utility
How do you tell a communist? Someone who has read Marx and Lenin. How do you tell a non-communist? Someone who has understood Marx and Lenin.
—President Reagan
______________
“There is a great deal of ruin in a nation,” wrote Adam Smith philosophically in the late eighteenth century. He no doubt thought it would be ever thus. He was oblivious, of course, to the claimed curative powers of Marxism as practically expressed in communism. However, as a man of practical affairs, Smith today would not be impressed. After all, Marxism in practice has always produced the most dreadful results imaginable. What kind of people would downplay this overwhelming evidence and hold to the faith? In a word, idealists, the same kind of people who subscribed to Robert Owen’s utopian socialism before Marx and Engels came on the scene. They are a legion to this day.
This is what the renowned historian of economic thought Mark Blaug wrote in 1968, in Economic Theory in Retrospect: “Marx is alive and well today. He has been reassessed, revised, refuted, and buried a thousand times; but he refuses to be relegated to intellectual history.” Fifty years on, Blaug would not need to change a word.
As old Marxists fade away new ones replace them. Marx’s resilient spirit stalks the corridors of humanities departments in most Western universities, ready to possess those amenable to believing in the promise of nirvana in the here and now. Saul Alinsky (in Rules for Radicals) has a nice take on this promise:
to seize power and give it to the people; to realise the democratic dream of equality, justice, peace, cooperation, equal and full opportunities for education, full and useful employment, health, and the creation of those circumstances in which man can have the chance to live by values that give meaning to life.