• Card 17 / 19: Does the material in this chapter show that we prove economic theory with experimental evidence?

    Answer:
    No, we can never have a truly controlled experiment in economics. However, our deductive logic might give us true principles that, in practice, are insignificant and/or are swamped by other factors that we didn't include in our reasoning. Looking at history is thus a useful "check" on our principles or laws. Sample Partial Credit Answer No, we are just seeing if our economic laws are illustrated in history.

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Socialism: The Command Economy

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Attribution:  Dr. Robert P. Murphy, Lessons for the Young Economist. (Mises Institute), http://mises.org/document/6215/Lessons-for-the-Young-Economist (Accessed 04 April, 2014). License: Creative Commons BY
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