Schmoller argued that economists should devote the majority of their attention to the accumulation of vast sets of data, from which they would eventually use induction to arrive at their analysis. Menger did not deny the benefi ts of historical information or inductive reasoning, but he believed that economic theory emerged primarily through deductions from fi rst principles. And while Schmoller used his accumulated data to advocate for reform, Menger’s respect for the organic logic of the market led him to express suspicions of plans to bring about rapid or dramatic social change.

Angus Burgin, The Great Persuasion, loc. 60