No. We can't check that the response variable in the population has a normal distribution since we don't have the whole population.
Explanation:
T-Distribution, also called Student's T Distribution, would be a statistical tool to use instead of the normal distribution when you are working with small populations that you can verify and not assume through statistical inferences.
Hayek believed the economy too complicated to think in terms of aggregates. This is the foundation of monetarism theory. He believed that people are unpredictable in their choices. Consequently, expansionary policy was potent because it could potentially lead to inflation and affect individual choices.
