I agree, but deny that it matters very much (if by "foundations", you mean methodology).
It does in the case of the (some) austrians. They don't think economics can be empirical - it's purely a theoretical science for them. And with no math.
It does in the case of the (some) austrians. They don't think economics can be empirical - it's purely a theoretical science for them. And with no math.
And yet, even Rothbard's America’s Great Depression makes hundreds of references to empirical facts (and uses quite a bit of descriptive statistics). My point is that there is a very loose connection between the stated methodological principles of economists and the actual manner in which they perform their research and construct their arguments.
I would like to learn more about economics but I don't know where to start. Can lesswrong suggest specific areas of economics that are particularly useful for understanding and optimising the world? Specific suggestions such as reading lists and resources would also be much appreciated.