I don't usually draw in a quote from the Mises institute. While I applaud them for thinking outside the books on various economic issues, I often find their arguments a bit extreme and a bit too black and white (see Ivory Tower - albeit of a different kind) for my liking. An example of thise extremeness:
"economics seeks understanding of invariable principles; politics is ephemeral, its subject matter being the day-to-day relations of associated men. Economics, like chemistry"
However, Frank Chodorov of the Institute just published on the Mises blog a topic entitled: "Economics Vs. Politics," which basically spells out what I agreeably believe is a current problem in our field. The piece is taken from Chodorov's book, "The Rise and Fall of Society," which I have not read, and judging by the title, I probably won't ever read it.
I agree with the following statements:
"The intrusion of politics into the field of economics is simply an evidence of human ignorance or arrogance..."
"This is not to say that economics can explain all the facets of these institutions [society, government, etc] , any more than the study of his anatomy will reveal all the secrets of the human being; but, as there cannot be a human being without a skeleton, so any inquiry into the mechanism of social integrations cannot bypass economic law. "
Ok so the last part of that last quote I don't fully agree with... the whole notion of 'economic law' is ridiculous. Economics is not math, nor should it be. It is not physics or chemistry, nor should it be. But like I said, Mises can be extreme....