Tuesday, June 12, 2012

How the Austrian School Approaches Economics

Mises gives us the number one difference between how the Austrian School approaches the study of economics, verses every other tradition, "Economics, like logic and mathematics, is a display of abstract reasoning. Economics can never be experimental and empirical. The economist does not need an expensive apparatus for the conduct of his studies. What he needs is the power to think clearly and to discern in the wilderness of events what is essential from what is merely accidental."

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