Mises Wire
Author:
Richard M. Ebeling
Online Publish Date:
In light of this year’s Nobel for economics , it is worth recalling the reasons that lead Oskar Morgenstern to develop (in conjunction with von Neumann) the theory of games. In 1928 Morgenstern published a book called “Wirtschaftsprognoses,” -- “Economic Forecasting.” He gave a detailed critique of statistical theory (as it had developed at that