Many of Boettke's criticisms of formalist economics are justified. However, he defines it so broadly that it becomes practically synonymous with mainstream economics. Yet he blames it for the specific sins of formalist economics more narrowly defined. And since he treats Austrian economics as...

Why was the Fed so inflationary in 1965-79? No single explanation suffices. Forecast errors and poor operating procedures played at most a minor role. Unwillingness to accept greater interest-rate variation and cognitive errors played a greater role. Political pressures also played a role, but,...

Friedman's 1956 essay, 'The Quantity Theory of Money: A Restatement', in his Studies in the Quantity Theory of Money should be read in the context of the prevailing Keynesian consensus of the time. His primary task had to be to convince economists to reconsider this theory. This required an...

One way of inducing economists to pay more attention to methodology is for methodologists to take up problems that practicing economists will see as relevant to their work and discuss them in a non-technical manner. The paper provides some examples of how methodologists could aid practicing...