Do free-market economists practice what they teach? |
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Authors: | Sanford Ikeda |
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Institution: | (1) State University of New York, Purchase, USA |
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Abstract: | Conclusion There is then a fundamental inconsistency between theory and application for political economists who both rely on standard
microeconomics for their support of the free market and scorn government intervention. Theory matters in free-market critiques
of public policy. It matters, however, not only in determining the content of those critiques, but also, from a methodological
standpoint, in the sense of whether the world-view presupposed by theory is one that leaves room for any meaningful critique
to take place at all.
It should not be news that the authorities in charge of public policy are ignorant. Surprisingly, if we start from the presumptions
of perfect-knowledge economics we would be logically led to conclude that those authorities indeed never make mistakes, or
if they do that it must have been planned that way all along. Fortunately, political economists working in the Austrian tradition
are, as they have been since B?hm-Bawerk’s and Mises’s devastating critiques of Marxian economics and socialism, free from
having to maintain this curious point of view.
He also studied with Professor Sennholz at Grove City College. |
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Keywords: | |
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