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October 4, 2022
We Cannot Interpret Economic Data Unless We Know Economic Theory
By Frank Shostak
Logical positivism holds that theory is irrelevant to the empirical results. It is the other way around; One cannot understand or interpret economic data until one has a working economic theory in place.

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The Fed Is Wrong to Make Policies Based upon the Phillips Curve
By Frank Shostak
Adherents of the famous Phillips curve believe there is a permanent tradeoff between inflation and unemployment. This is mistaken.

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