(Bloomberg Opinion) -- How can you know if a macroeconomic theory is a good one? The answer is that it's surprisingly hard. Because macroeconomics doesn't work quite like science, policy makers and ...

Explore Austrian economics, its key principles, the works of Menger and Hayek, and its enduring influence on economic thought ...

Israel M. Kirzner is an economist who incorporated the role of 'discovery' by entrepreneurs into the process by which markets ...

Katarina Juselius is a Professor Emeritus at the University of Copenhagen. Together with Søren Johansen, she developed the empirical methodology of cointegrated VAR, translating the premises of ...

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With every new administration there are hopes on the part of roughly a half of the population and dread on the other. It flips like a coin. A random walk, for the probability fans out there, that ...

The economy may be about the only human creation that works better in practice than in theory. Still, economists are busy churning out theories to explain the behavior of markets and investors.

In 1970, prevailing economic theory gave businesses permission to put societal concerns to bed. Milton Friedman's seminal New York Times Magazine piece, "The Social Responsibility Of Business Is to ...

Economic theory provides a structured framework for understanding how scarce resources are allocated among competing uses. At its core lie models of individual choice—consumers maximise utility ...

At the end of his time in office, Barack Obama famously compared the presidency to an ocean liner. "Sometimes the task of government is to make incremental improvements or try to steer the ocean liner ...