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Where Economics Went Wrong - Princeton Scholarship Online
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Where Economics Went Wrong

David Colander and Craig Freedman


Milton Friedman once predicted that advances in scientific economics would resolve debates about whether raising the minimum wage is good policy. Decades later, Friedman's prediction has not come true. This book argues that it never will. Why? Because economic policy, when done correctly, is an art and a craft. It is not, and cannot be, a science. The book explains why classical liberal economists understood this essential difference, why modern economists abandoned it, and why now is the time for the profession to return to its classical liberal roots. Carefully distinguishing policy from sci ... More

Keywords: Milton Friedman, scientific economics, minimum wage, economic policy analysis, modern economics, liberalism, welfare economics

Bibliographic Information

Print publication date: 2018 Print ISBN-13: 9780691179209
Published to Princeton Scholarship Online: May 2019 DOI:10.23943/princeton/9780691179209.001.0001


Affiliations are at time of print publication.

David Colander, author
Middlebury College

Craig Freedman, author