Ever since economists failed to predict the Great Recession of late 2007 to 2009, a growing number scholars in the field have added a greater historical and philosophical sense to their empirical research. It is no surprise that these economists are mostly of the Austrian school or influenced by it, since that school’s founders—Carl Menger, Ludwig von Mises, and F.A. Hayek—viewed economic data with suspicion. Their heirs in America include Russ Roberts, Michael Munger, Deirdre McCloskey, and Tyler Cowen.
