Wednesday, September 22, 2010

Empirical Austrian Economics, Part 2

This is how it's done.

I noticed this Monday with a string of good NBER posts - Tyler Cowen brings my attention back to it. The authors derive some basic insights from Mises and Hayek on SCD issues, they produce a falsifiable hypothesis, and they test it.

Not many people nowadays argue central planning works... Lange and Lerner, despite whatever else they may be famous for, don't win many adherents. But it's still a great paper.

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