Remember the issue of The Economist with a textbook of “Modern Economic Theory” melting away? And HM the Queen asking why economists didn’t see this crisis coming? She might now ask why most economists have also demonstrated their inability to predict even the general pattern of events. Ludwig von Mises’ 1962 essay, The Ultimate Foundation of Economic Science: An Essay on Method is never going to top the best seller lists but it does indicate why so many highly-trained professionals […]

Tags: Austrian School, economics, Epistemology, Ideas