'..ancient poems, and biblical narratives that warn us about the abuse of power by those place in positions of authority and privilege.'

'So, we have ancient poems, and biblical narratives that warn us about the abuse of power by those place in positions of authority and privilege. It is a tale as old as time.

And, it is a tale not lost on the great classical economists such as Adam Smith and David Hume, and of course it was a theme that ran throughout the modern political economy project of F. A. Hayek and James M. Buchanan. Perhaps the Epic of Gilgamesh and the Old Testament should be required reading for all PhD students in economics prior to enrolling and studying the mechanics of microeconomics and macroeconomics so they can appreciate the tensions and paradoxes involved in the institutional infrastructure within which economic life is played out.'

- Peter Boettke, A Tale As Old As Time, March 06, 2018



Context

Economics and the Public

Economics as a Science of Human Action - '..the subjective character of the discipline..'

'..subjective knowledge treats knowledge as being tacit, private, subjective, and decentralized..'


(Praxeology) - '..Menger’s experience stressed subjective factors..'

(Haptopraxeology) - '..humanism in economics..'

'A judgment of value .. a man's affective response to definite conditions of the universe..' - Ludwig von Mises


(Nobel Prize Lecture) The Pretence of Knowledge - By Friedrich August von Hayek