"In The Counter-Revolution of Science, F. A. Hayek wrote: "And it is probably no exaggeration to say that every important advance in economic theory during the last hundred years was a further step in the consistent application of subjectivism." To this I would add that most of the missteps made by professional economists in the past century have been movements away from the analysis of individual action and toward the analysis of aggregates and averages, many of which have no grounding in individual constrained optimization and some of which have no clear economic meaning at all and do not enter into the thinking of individual economic actors."
Robert Higgs
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