People tend to make two errors regarding economics. They believe it is either not a science because it deals with human beings, or it is a science requiring positivist methods that do not account for the irreducibly human ability to choose among economic alternatives. Neither is tenable, but the third option is not generally known: to see the task of economics as discovering, explaining, and applying the economic laws that dictate the limits of the intellectual and political imagination while making full allowance for the reality of individual choice.
Friday, August 04, 2006
The task of Economics
A quote from The Book History Conspired to Bury, by the libertarian Lew Rockwell:
Posted by Blinding Insight at 1:53 PM