Averages and Aggregates
In an interesting, though apparently neglected, aside, Professor Hayek has remarked that " … neither aggregates nor averages do act upon one another, and it will never be possible to establish necessary connections of cause and effect between them as we can between individual phenomena, individual prices, etc. I would even go so far as to assert that, from the very nature of economic theory, averages can never form a link in its reasoning."Mais
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