Paradoxically, then, the current disarray within the profession is perhaps a better reflection of the profession’s true value added than its previous misleading consensus. Economics can at best clarify the choices for policy makers; it cannot make those choices for them.

via Guatemala News | Blame the Economists, Not Economics.

Indeed. The Austrian economists teach that all value is subjective. Choice involves picking alternatives that you value more. All decision are about subjective value. Choosing what to do about banks, General Motors, or stimulating the economy have to do with what is more or less highly valued, including the value of future rewards versus current rewards.


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