"To defend the truth, to articulate it with humility and conviction, and to bear witness to it in life are therefore exacting and indispensable forms of charity."

H. H. Benedict XVI. Caritas in Veritate Encyclical. June 29, 2009

Saturday, July 17, 2010

Economics versus statistics

No truly economic assertion can be said merely by quantities.

Every single economic assertion needs recourse to purpose. That's necessary. That's sufficient.

There's really nothing more to economics than pure logic of choice. Everything else, even if useful, is in the aim of statistics. And (it should be patently obvious but regretfully isn't), economics is not statistics.

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