Is the Market a Test of Truth and Beauty?

In the Quarterly Journal of Austrian Economics of Spring 2000, Robert Tollison joins David Laband in reiterating a stretched conception of market test. Laband and Tollison recommend grading academic performance by the sorts of statistics that Laband compiles, which involve article and page counts, impressions of journal quality, and citations. As I said in the 1997 article that Laband and Tollison attack (the preceding chapter here), not even the actual commercial market is a test of truth and beauty or excellence.