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Which Way Do You Lean on Economic Theory?


Which way do you lean on economic theory? Whose approach do you find yourself taking more often, Mises's or Friedman's?

To vote (voting is anonymous), read both quotes and choose the one that aligns with your opinion of what makes for good economics. Then click on the blue or orange tabs running alongside each argument. After you click on the voting tab, you will register just one time for a "My FEE" account. Once registered, you can easily vote again next month.

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Towards Ludwig von Mises's Approach.

"In the concept of money all the theorems of monetary theory are already implied. The quantity theory does not add to our knowledge anything which is not virtually contained in the concept of money. It transforms, develops, and unfolds; it only analyzes and is therefore tautological like the theorem of Pythagoras in relation to the concept of the rectangular triangle. However, nobody would deny the cognitive value of the quantity theory. To a mind not enlightened by economic reasoning it remains unknown. A long line of abortive attempts to solve the problems concerned shows that it was certainly not easy to attain the present state of knowledge."

-Ludwig von Mises, Human Action

Towards Milton Friedman's Approach

"The relevant question to ask about the 'assumptions' of a theory is not whether they are descriptively 'realistic,' for they never are, but whether they are sufficiently good approximations for the purpose in hand. And this question can be answered only by seeing whether the theory works, which means whether it yields sufficiently accurate predictions."

-Milton Friedman, 1953

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