
The Chicago School versus the Austrian School - dpatru
http://mises.org/daily/5390/The-Chicago-School-versus-the-Austrian-School
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logjam
"Mises stressed that the important heritage of sound economic thought is not a
collection of empirically tested claims about the behavior of economic
variables. Rather, economic theory is an internally coherent framework for
interpreting "the data" in the first place."

Bingo. No doubt the author of the piece would disagree, but he just distilled
every failure and problem of "libertarianism" (if not capitalism in general)
to a single paragraph. And "interpreting 'the data'" from that school of
economic thought has come to mean nothing more than endless rationalization,
instead of any reliance whatsoever on empiricism.

