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    varies from category to category.

    The criterion of truth in economic certainties is logical consistency with definitely formulated axioms, postulates, and conventi

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    If we attempt to classify what we are in the habit of naming our thought about price phenomena, we shall find that our views may be put into three categories which we may call economic certainties, economic probabilities, and economic dreams. Into the first category we put those theorems about which we are absolutely certain; into the second, those rules that may be followed with the prospect of their being true on the average; and into the third, those products of our wishful thinking which bear so many resemblances to our dreams. The differences in the nature of our three groups of theories will be more easily apprehended if we state at once that the criterion of "truth" varies from category to category.

    The criterion of truth in economic certainties is logical consistency with definitely formulated axioms, postulates, and conventio

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    call economic certainties, economic probabilities, and economic dreams. Into the first category we put those theorems about which we are absolutely certain; into the second, those rules that may be followed with the prospect of their being true on the average; and into the third, those products of our wishful thinking which bear so many resemblances to our dreams. The differences in the nature of our three groups of theories will be more easily apprehended if we state at once that the criterion of "truth" varies from category to category.

    The criterion of truth in economic certainties is logical consistency with definitely formulated axioms, postulates, and conventi

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    ond, those rules that may be followed with the prospect of their being true on the average; and into the third, those products of our wishful thinking which bear so many resemblances to our dreams. The differences in the nature of our three groups of theories will be more easily apprehended if we state at once that the criterion of "truth" varies from category to category.

    The criterion of truth in economic certainties is logical consistency with definitely formulated axioms, postulates, and conventi

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    esemblances to our dreams. The differences in the nature of our three groups of theories will be more easily apprehended if we state at once that the criterion of "truth" varies from category to category.

    The criterion of truth in economic certainties is logical consistency with definitely formulated axioms, postulates, and conventi

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    varies from category to category.

    The criterion of truth in economic certainties is logical consistency with definitely formulated axioms, postulates, and conventions; the criterion of truth in economic probabilities is relative frequency of occurrence in empirical data; the criterion of truth in economic dreams is their conformity with our sentiments, wishes, and interests. Logical truth to the rational economist; empirical truth to the practical economist; and intuitive, wishful, or revealed truth to the utopian economist: to the synthetic economist it means empirically verified rational truth. But, as a matter of fact, is there such a thing as an economic certainty? The reply may be given bluntly: There are undoubtedly economic certainties, and their systematic presentation constitutes rational or pure economics. Our first categor

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