Self-proclaimed "experts" speak with many voices and can hardly all be regarded as disinterested; in any event, on questions that matter so much, "expert" opinion could hardly be accepted solely on faith even if the "experts" were nearly unanimous and clearly disinterested. 3 4 Essays in Positive Economics the source of continuous and extensive controversy and the occasion for frequent legislation.
One needs to know what to measure and how is one to know that unless one has a theory which is a-priory?
I agree that the opposite view is also problematic: how are we to know that a theory is true unless we can test it?
I venture the judgment, however, that currently in the Western world, and especially in the United States, differences about economic policy among disinterested citizens derive predominantly from different predictions about the economic consequences of taking action-differences that in principle can be eliminated by the progress of positive economics-rather than from fundamental differences in basic values, differences about which men can ultimately only fight.
An obvious and not unimportant example is minimum-wage legislation.
He made major contributions to the fields of economics and statistics.
M Friedman Essays In Positive Economics
In 1976, he was awarded the Nobel Prize in Economics for his achievements in the fields of consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy.
Worth reading if you are curious about the major currents in economics and which still influence our view of monetary theory today. Friedman presents a completely different way to look at verification of knowledge in general and the actual usefulness of how realistic to reality the assumptions of any given scientific theory really are.
Milton Friedman was an American Nobel Laureate economist and public intellectual.
Friedmans theories have their foundation in empiricism: if economics is ever to become a science, it has to be guided by empirical research.
It is for this reason that he has become so influential.