Facts and Data Have No Meaning without a Theory to Explain Them

Tags: Capital and Interest Theory, Praxeology

11/09/2022 Frank Shostak

Mainstream economists claim that data alone can explain economic actions. Austrians know that without theory, data explains nothing.

Original Article: “Facts and Data Have No Meaning without a Theory to Explain Them”

This Audio Mises Wire is generously sponsored by Christopher Condon. ‘

The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.

Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.