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We Cannot Interpret Economic Data Unless We Know Economic Theory

Audio Mises Wire

Tags Central BanksEconomic PolicyThe FedPhilosophy

09/15/2022Frank Shostak
Narrator: 
Michael Stack

Logical positivism holds that theory is irrelevant to the empirical results. It is the other way around; One cannot understand or interpret economic data until one has a working economic theory in place.

Original Article: "We Cannot Interpret Economic Data Unless We Know Economic Theory"

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Contact Frank Shostak

Frank Shostak's consulting firm, Applied Austrian School Economics, provides in-depth assessments of financial markets and global economies. Contact: email.

Original Article: 
We Cannot Interpret Economic Data Unless We Know Economic Theory