Philosophy and Methodology

The economics profession has attempted to achieve the degree of success in understanding, explaining, and predicting events in the social world that physicists and engineers have achieved

Nonetheless, Rothbard and Mises have been criticized by Nozick (1977) and Caplan (1999), for inconsistency in admitting the concept of indifference into economic analysis after all, even if only indirectly. 

The author wishes to convince the intelligent general public that contemporary neoclassical economics is not only virile, rather than sterile, but is of crucial importance for public policy.

In his important contribution, Jörg Guido Hülsmann (2003) attempted to redefine the method of economic science. According to him most economic laws are counterfactual in their nature

Volume 5, No. 4 (Winter 2002)

Binary economics is a theory of economic growth that places emphasis upon the distribution of capital, rather than the quantity of capital or the productivity of labor. 

Macroeconomics has developed over seventy years from John Maynard Keynes’s General Theory to the currently fashionable mathematical models that feature efficient markets and rational expectations.

Robbins contributed the most definitive modern definition of the discipline, one which is now widely accepted. Although limited by his overly restrictive assumptions on information, 

There are two views of monopoly within what might be called the broad Austrian camp.

The differing attitudes of Plato and Rousseau toward specialization and the division of labor color their views on who should formulate policy on p