I recently came across a talk by Roderick Long in which he criticizes my father's methodological position, in particular the argument in his essay "The Methodology of Positive Economics," an essay which defends the use of unrealistic models in economics, such as perfect competition, on the grounds that the ultimate test of a model is not its descriptive accuracy but its ability to make correct predictions.
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A Note on Economic Methodology
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I recently came across a talk by Roderick Long in which he criticizes my father's methodological position, in particular the argument in his essay "The Methodology of Positive Economics," an essay which defends the use of unrealistic models in economics, such as perfect competition, on the grounds that the ultimate test of a model is not its descriptive accuracy but its ability to make correct predictions.