Mainstream economists believe that economic theory is valid when it “predicts” economic actions or trends. Austrian economists, however, say that the purpose of economic theory is to explain economic events.
Joakim Book
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Joakim Book is a writer and professional editor. He holds degrees in economics and financial history from the University of Glasgow and University of Oxford, and was a Mises summer fellow in 2017. His main research interests are monetary economics and the history of central banks.