As always, Gordon's sharp eye results in a very thorough examination of the book. Gordon writes, for example:
Although Boettke seems to me to be right in his protests against the excesses of formalism, at times his assault rests on assertion unsupported by argument. He says that Chicago School economists held that "real markets come breathtakingly close to approximating the efficiency properties of general competitive equilibrium" (p. 280), but he fails to show that all of these economists had been beguiled by their mathematical models into ignoring reality. Was this true, e.g., of Milton Freidman and Yale Brozen? These economists seemed rather to argue that many important markets consisted of large numbers of small firms and that claims that monopolies engage in predatory pricing are exaggerated. His case seems stronger for Robert Lucas; but even here, Boettke does not show exactly where Lucas's models fail. He acts rather as if it were enough to state Lucas's view to show its absurdity: the New Classical view is "obviously contrary to reality" (p. 301). Perhaps it is, but Boettke needs to prove it and not just say it.
Despite these criticisms, Boettke's book merits the attention of all students of Austrian economics. Boettke's enthusiasm and devotion to a free economy are everywhere apparent.Read the entire review here.