Better than marxists

[timelets]

Libertarians and marxists have the same problem: their ideologies were developed before major breakthroughs in economics research. From today's perspective, Marx got his theory wrong because he created it before the so-called marginal revolution, while various libertarians, esp. the Austrian school, got their theory wrong because they put it together before the theory of the firm and institutions in general. Of course, libertarians are better than marxists, but on many important modern issues it doesn't make them right.