Economics is not an empirical science. Economic laws are not unearthed or substantiated through empirical verification. Rather, economics operates as an a priori science of human action, the laws of which are revealed literally through logical thinking, not through experimentation. This idea, articulated by the economist Ludwig von Mises about 100 years ago, is now a downright revolutionary notion that deserves significant attention, especially today – a time of, as I call it, anti-enlightenment and widespread confusion.

By Thorsten Polleit. Recorded 27 February 2024.

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Thorsten Polleit’s latest books can be found here:

“Des Teufels Geld”, www.amazon.de/Teufels-Geld-faustische-Fiatgeld-Pakt-zur%C3%BCckkehren/dp/3959727437

“The Global Currency Plot”, https://mises.org/library/global-currency-plot

“So act that your principle of action might safely be made a law for the whole world.” | Immanuel Kant (1724–1804)