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What Is the Purpose of Economic Theory?
Mainstream economists believe that economic theory is valid when it “predicts” economic actions or trends. Austrian economists, however, say that the purpose of economic theory is to explain economic events.
Order a free copy of Murray Rothbard's What Has Government Done to Our Money? at Mises.org/Money.
Original Article: What Is the Purpose of Economic Theory?
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By Mises Institute
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Mainstream economists believe that economic theory is valid when it “predicts” economic actions or trends. Austrian economists, however, say that the purpose of economic theory is to explain economic events.
Order a free copy of Murray Rothbard's What Has Government Done to Our Money? at Mises.org/Money.
Original Article: What Is the Purpose of Economic Theory?
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