It is impossible to engage in economic theorizing without employing what Mises called “imaginary constructions” or “thought experiments” (Gedankenexperimenten) which function as the praxeologist’s unique substitute for the laboratory experiments of
the physical sciences.
Murray N. Rothbard
Economic Controversies, p. 181
James R. Harrigan is Assistant Professor Career-Track, and the F.A. Hayek Distinguished Fellow at the Foundation for Economic Education. He is also co-host of the Words & Numbers podcast.
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