Austrian Economics and the Market Process

Economics is not about goods and services, it is about the actions of living men. Its goal is not to dwell upon imaginary constructions such as equilibrium. These constructions are only tools of reasoning, The sole task of economics is analysis of the actions of men, is the analysis of processes. Both the logical and the mathematical economists assert that human action ultimately aims at the establishment of such a state of equilibrium and would reach it if all further changes in data were to...

Alfred S Eichner and J A Kregel

The impact of Keynes's work in the 1930 s has been viewed by some economists as a revolution in economic thinking see Lawrence R. Klein 1947 . Yet, to those who were most closely associated with Keynes at Cambridge during that period, the revolution proved largely abortive, Over the past 30 years, many of Keynes's critical insights into the workings of a modem, technologically advanced economy seem to have been ignored, with the result that there has been little fundamental change in the way...

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M sl economists, unfortunately, prefer to be precisely wrong rallier than roughly right or accurate. The axiom of ergodicity permits economists to act as if they were dealing with a hard science wThere data are homogeneous with respect to time. In an ergodic world, observations of a time series realization i.e., historical data are useful information regarding the probability distribution of the stochastic process which generated that realization. The same observations also provide information...