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Most people that make predictions and call themselves Austrians are IMO in the business of selling something. Mises, who was perhaps the most influential Austri
by yasp 8y ago
Most people that make predictions and call themselves Austrians are IMO in the business of selling something. Mises, who was perhaps the most influential Austrian economist, instead took the tack of demonstrating that if you wanted X that Y either would lead to it or would not lead to it (eg minimum price laws on supply of a good). He was against making value judgments and emphatically argued that they had no place in economics as a science. He also was against economics being construed as a science capable of making predictions about eg the macroeconomy. Modeling in general Austrians consider a fool's errand.
- a008t 8y agoIf Austrians cannot give one an idea of, for example, what the outcome of QE would be, then what is the value of this school of thought? Does that not make it merely an interesting abstract theory with no practical real-world applications?
- arethuza 8y agoIt does mean that you can never be demonstrated to be wrong! Edit: I changed "proved" to "demonstrated" ;-)