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The deductive process on which Austrian School theory is based, is itself based on Logic. That's as formal as you can get. > Math is refined thinking. No, Mr.
by realquick81 11y ago
The deductive process on which Austrian School theory is based, is itself based on Logic. That's as formal as you can get.
> Math is refined thinking.
No, Mr. Poet. Math is an abstract science that can be applied to concrete fields. So far no one has been able to meaningfully apply mathematics to economics, or we would have computers that can simulate markets like we can simulate tornadoes.
- TeMPOraL 11y ago> So far no one has been able to meaningfully apply mathematics to economics, or we would have computers that can simulate markets like we can simulate tornadoes. That only proves those problems are incredibly hard - and require incredible resources and work to think about in a formal, precise way. It's also worth noting that you are therefore no more likely to be a good economist by guessing and waving hands than you're likely to be a good meteorologist by spinning make-believe stories about which way the weather should be. Failure to understand the meaning of this point is a source of tremendous amount of stupid decisions and pointless politics. Also, don't confuse logic with math. The former is just a subset.