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"There cannot be too much of a correct theory." Ludwig von Mises, Epistemological Problems of Economics.

  Did Phelps Really Explain Stagflation?
This year's Nobel prize in economics was awarded to Edmund Phelps for his work on the relationship between inflation and unemployment. Frank Shostak writes that Phelps could have made a great contribution to the economic profession by dismissing the entire framework of the supposed trade-off between inflation and unemployment (the Phillips Curve). Unfortunately he chose to stick to the bankrupt framework by making some amendments to it. Contrary to the accepted way of thinking, his amendments have not furthered our understanding of macroeconomic conditions such as stagflation. More...

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Ludwig von Mises: "Whether such a system of social security is a good or a bad policy is essentially a political problem. One may try to justify it by declaring that the wage earners lack the insight and the moral strength to provide spontaneously for their own future. But then it is not easy to silence the voices of those who ask whether it is not paradoxical to entrust the nation's welfare to the decisions of voters whom the law itself considers incapable of managing their own affairs; whether it is not absurd to make those people supreme in the conduct of government who are manifestly in need of a guardian to prevent them from spending their own income foolishly." - Human Action