Mainstream academic economists believe that we advance economics by "testing" theories. Austrian economists believe economics is about understanding human action and does not have to be subjected to constant tests.
Massive "fiscal stimulus" programs by European governments failed to reduce unemployment. The latest buzzword from the Continent is the "entrepreneurial state," based upon the delusion that government spending and regulation are responsible for wealth creation by private entrepreneurs.
Elizabeth Warren has pronounced her verdict on higher food and gasoline prices: they are nothing less than the result of corporate greed. In fact, there is no inflation, only corporations arbitrarily raising prices.
Economics is not simply a series of transactions with hidden implications. Rather sound economics understands that long-term effects outlive the short-term effects of every economic principle or policy.