Source: Center for a Stateless Society
by Kevin Carson
“Yes, neoclassical/marginalist economics — and the Austrian economics to which Carroll predictably adheres — is technically ‘objective’ in the sense that it’s a set of rules that objectively produce the same results from a given set of inputs every time. But the axioms of Austrian economics are, in themselves, trivially — or even circularly — true. What matters is the application of those axioms in a manner sufficiently sophisticated to generate meaningful statements about complex economic phenomena. The assumptions governing that application, and even what questions to ask, reflect value judgments. Any economic paradigm involves such choices, and the choices made will render it more relevant for some purposes and less relevant for others. Those choices are unavoidably political.” (09/29/24)