"Though the popular tendency in economics is to accept only statistically testable theories...they have acquired a quite undeserved reputation." (von Hayek, Denationalising of Money, p. 48)
I think that this is one of the biggest battles in the field of economics and more generally in the study, or need for a renewed emphasis, on Political-Economy in a qualitative rather then quantitative study. My feeling is much of the work that really relates to the Political-Economy in this way is happening in Anthropology and Sociology and Human Geography. However, there is a long history of solid Political-Economics or the Philosophy of both. I find myself in that space, and am often dissapointed by what I bump up against in most political and economics departments where the research has become so intensly mathematical and quantitative.
von Hayek was one of those very interesting and great Political-Economists. Not that I agree with many of his ideas, but I do agree with the above quote.
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