Blog-Reference
In the glorious days of economics, the great thinker Hayek was quipped by the great thinker Keynes: “... a remorseless logician can end up in Bedlam.” (Keynes, cited in Moggridge 1976, p. 36)
Economists in those days already were confused confusers (2013). This is not a lament but a statement of fact. Neither Keynes nor Hayek had a clear idea of the foundational concepts of income and profit. That's easy to prove.
We perfectly agree with Kant’s dictum: “Theory without empirical content is hollow. Empirical observations without [good & falsifiable] theory are directionless.”
Theory, though, starts with axioms, as Kant would have told you also.
Egmont Kakarot-Handtke
References
Kakarot-Handtke, E. (2013). Confused Confusers: How to Stop Thinking Like an Economist and Start Thinking Like a Scientist. SSRN Working Paper Series, 2207598: 1–16. URL
Moggridge, D. E. (1976). Keynes. London, Basingstoke: Macmillan.
