Of Economics


Professor, Department of Economics

Royal Palace, Bangkok, Interim 2002

Contact Avenues

Office: Daniel 219; Home phone: 864-585-9881; office phone: 864-597-4586 (Sept-May). Dr. Machovec is a compuphobe, but, as a courtesy, he answers emails (though oftentimes not with alacrity). His electronic address is Please send snail-mail correspondence to: Campus Box 51, Wofford College, Spartanburg, SC 29303.

Personal Profile

Raised in Baltimore, where he attended parochial and public schools; doctorate from New York University; married to a former national Singer Sewing champion; one daughter, who is an executive vice president of a Fortune-top-50 corporation; loves the South (has lived in Alabama, Texas, and Virginia); also loves the West (has lived in Colorado, Utah, and Nevada). Supporter of the traditional campus culture that has made Wofford College a wonderful place for students to come of age. Hobbies include collecting magazine advertisements from the golden era of electric toy trains (1930-1960). Fondest memories: sitting in the bleachers when the Baltimore Orioles defeated the Los Angeles Dodgers in the World Series of 1968, crabbing in the Chesapeake Bay, and attending the Christmas Show at Radio City Music Hall in Manhattan. Most inspirational cities: Prague and Vancouver. Favorite composers: Dvorak and Rachmaninoff. Favorite meal: Frank’s Famous Chesapeake Bay Imperial Crab cakes (prepared by Chef Francois). Favorite wine: Riesling (to satisfy an addiction to sweets – but not with the crab cakes).

Academic Reputation Among Students

Entertaining yet unusually demanding: unrelenting emphasis on writing skills, critical-reasoning skills, numeracy, diagrammatical-analysis skills, and the evolution of ideas. Perceived as a campus lightning rod for his willingness to defend politically-incorrect positions. Energetic opponent of the on-going reconstitution of the humanities’ curriculum, which is being undertaken to make it conform to the postmodern, oppression-studies perspective on the course of human events.

Inter-Disciplinary Interest

Sociobiology (also known as Evolutionary Psychology): The study of the origins of socially-constructed institutions that are products of experiential learning (for example: contract law and private property) –– versus the package of culturally-transcendent human dispositions and /or reactive mechanisms that were atavistically hard-wired either through mutation or serial Darwinian adaptations, such as grammatically-structured language, self-interest, the phenomenon of diminished incremental satisfactions from consuming successive units of the same product, the strong preference for present versus future pleasures, and the non-anatomical aspects of gender embedded by the selection process because they enhanced survival of the human species.  (Suggested reading: The Moral Animal, by Robert Wright; Human Universals, by Donald Brown; The Origins of Virtue: Human Instincts and the Evolution of Cooperation, by Matt Ridley; Marc Hauser, Moral Minds; and Plagues of the Mind: The New Epidemic of False Knowledge, by Bruce Thornton.)

Courses Taught at Wofford

Econ 201/202:  Principles of Economics
Econ 302:  Intermediate Macroeconomic Theory
Econ 322:  Money and Banking
Econ 401:  International Trade
Econ 402:  International Macroeconomics
Econ 439: Mathematical Economics
Econ 441:  Comparative Socioeconomic Philosophies
Econ 450:  Senior Seminar
Econ 480:  Seminar on Entrepreneurship and Social Progress

Foreign Travel

Austria, Bulgaria, Cambodia, Canada, Costa Rica, Czech Republic, Egypt, England, Finland, Hong Kong, Hungary, Japan, Kenya, Laos, Mexico, Morocco, New Zealand, Poland, Romania, Russia, Serbia, South Korea, Spain, Thailand, Vietnam

Life Before Joining Wofford in 1988

Career Air Force Officer for 20 years, most recently at the Pentagon, Washington, D.C., 1985-1988. Managed a division of regional specialists (eight civilians, two military). Worked closely with counterparts in the CIA and State Department to produce Top Secret intelligence assessments for senior policy-makers on economic issues affecting national security.  Regularly briefed these assessments to top-ranking generals. Also served as an assistant professor of economics at the U.S. Military Academy, West Point, N.Y., 1979-1982.

Membership in Professional Organizations

American Economics Association
Association for Comparative Economic Studies
International Joseph Schumpeter Society
History of Economics Society
Society for Economic Anthropology
Western International Economics Association

Current Research

1.  Nearly 75% complete is a 500-page book to be titled German Cultural Contributions on Value, Law, and Social Order.

2.  In the final editing stage is an 800-page manuscript entitled Harmful Unintended Consequences of Kindness : Spawning the Meltdown of 2008.


“Uncertainty: Blessing or Curse?,” Man and the Economy, upcoming in 2016.

“Our Classical Macroeconomic Heritage,” Quarterly Journal of Austrian Economics, Fall 2014.

“Mises, Monopoly, and the Market Process,” Cato Journal, Fall 1999.

“Paradigm Lost: The Walrasian Destruction of the Classical Conception of the Market.” in Microfoundations of Economic Growth: A Schumpeterian Perspective, Gunnar Elliasson et al., eds. (Ann Arbor:  University of Michigan Press, 1998).

Perfect Competition and the Transformation of Economics, London: Routledge, 1995.  (Honored in 1997 with a monetary prize from the Smith Center for Private Enterprise Studies at California State University. Also, this book has been cited more than 200 times, not only in economics publications, but also in five law journals and five foreign-language books and articles.)

“The Rise and Fall of Prebischian Economics,” Southeastern Latin Americanist, Summer 1992.

“Economic Reform in the USSR:  Can an Old Dog Learn New Tricks?”, The Margin, September 1987.

“Fear Makes the World Go ‘Round:  The Dark Side of Management,” Management Review, January 1982.

“The Energy Crunch:  We’ve Been There Before,” The Collegiate Forum (a Dow-Jones publication), Winter 1979.

Southeast Asia Tactical Data Systems Interface, 1975. Formerly-top-secret study, written in 1973, of the 1964-69 air war command-and-control system in Southeast Asia, declassified by the U.S. Defense Department in 2004; currently available @

“Higher Education in Colorado in 1970:  Who Paid the Costs?  Who Received the Benefits?,” Intermountain Economic Review, October 1972.

Campus Presentations

April 2009: Defended the anti-anthropogenic explanation of planetary warming during a “Campus Conversation” on the scientific debate over the cause of the 185-year trend of rising earth temperatures.

October 2008: Explained the causes of the 2008-2009 mortgage crisis during a faculty panel discussion on “The Economic Meltdown.”

April 2008: “Attacking the Vampire Thesis: A Critique of Those Who Contend that the Modern-Day Underdevelopment of Poor Nations Should Be Blamed on the Colonial Abuses of the Past.”

November 2007: “Armistice Day (November 11): The Forgotten Sacrifices of the Veterans of the First World War.”