Published Thursday, July 17, 2008 by Robert P. Murphy
Anyone who peruses the top mainstream economics journals will quickly realize that economic theory has been crowded out by mathematical formalism. The neoclassical economists' uncompromising quest for precision in their models has been achieved at the expense of the accuracy of their predictions.
The old joke of the drunk searching for his keys near the streetlight is an appropriate metaphor.
(Original Text)
Austrian Realists (1.98 MB)