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In One Paragraph: Why Mainstream Economics is Wrong

Daniel Roe
Poster: Daniel Roe @ Sun Jan 31, 2010 6:06 pm

"The scope of the controversy changed when the new science of economics entered the scene. Political parties which passionately rejected all the practical conclusions to which the results of economic thought inevitably lead, but were unable to raise any tenable objections against their truth and correctness, shifted the argument to the fields of epistemology and methodology. They proclaimed the experimental methods of the natural sciences to be the only adequate mode of research, and induction from sensory experience the only legitimate mode of scientific reasoning. They behaved as if they had never heard about the logical problems involved in induction. Everything that was neither experimentation nor induction was in their eyes metaphysics, a term that they employed as synonymous with nonsense." - Von Mises, Theory and History
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Keywords: Mises  Economics 
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Bio: Daniel Roe
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Daniel is a 3rd year Medical student. Prior to medicine, he worked in IT as a consultant, programmer, web designer/developer, and technician.

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