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Positive Economics.” This important contribution has overshadowed his earlier contribution to economic methodology, entitled … “Lerner on the Economics of Control” (1947). Whereas Friedman (1953) argued that economic theory can be built upon unrealistic …
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F.A. Hayek's realistic economic theory has been replaced by the formalistic use of equilibrium models that bear little resemblance to reality. These models are as serviceable to the right as to the left: they allow the economist either to condemn capitalism for failing to measure up to the model...
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Advances in Austrian Economics is a research annual whose editorial policy is to publish original research articles on … Austrian economics. Each volume attempts to apply the insights of Austrian economics and related approaches to topics that are … of current interest in economics and cognate disciplines. Volume 21 exemplifies this focus by highlighting key research …
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