Quote of the Day: Economics is a Policy Science

Nevertheless, from the standpoint of influencing future policy, the elementary teacher is more important than I. I hope that my work will trickle down to the elementary teacher and through him to the large number of potential voters, potential Congressman, and potential newspapermen in his class. This is however merely hope. I don't actually do anything to make that more probable. It is true that my writings are, generally speaking, much more accessible to the ordinary person than most economic writings. This may help somewhat.

Nevertheless, the present situation is in my opinion very undesirable. Economics is a policy science and we should be trying to influence policy.

This is from law and economics Professor Gordon Tullock known for his work with Professor James Buchanan on the Public Choice Theory, as quoted by Professor Peter Boettke at the Coordination Problem Blog.

For the Austrian school, economics is basically value free (Wertfreiheit) or neutral with regards to all value judgments.

However this does not take away analysis through the provision of “praxeological critique of inconsistent and meaningless ethical programs” and the analytical exposition of “all the myriad consequences of different political systems and different methods of government intervention” (Rothbard). This implies that economic education is the principal way to influence public opinion on politics, as well as, on social policies.