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>The methodology of Austrian economics seems completely unscientific, I believe a part of praxeology is disregarding empirical evidence. That's exactly it, it'
by minikites 8y ago
>The methodology of Austrian economics seems completely unscientific, I believe a part of praxeology is disregarding empirical evidence.
That's exactly it, it's more of a religion you have to accept on faith as opposed to a useful model for governing a society.
https://en.wikipedia.org/wiki/Praxeology https://en.wikipedia.org/wiki/Praxeology
>Austrians argue that that empirical data itself is insufficient to describe economics; that consequently empirical data cannot falsify economic theory; that logical positivism cannot predict or explain human action; and that the methodological requirements of logical positivism are impossible to obtain for economic questions. Ludwig von Mises in particular argued against empiricist approaches to the social sciences in general, because human events are unique and "unrepeatable".
- kriro 8y agoI'd call it an axiomatic system rather than a religion. Austrians distinguish between theory and history (pretty bad name). Theory is basically the action axiom and what you can derive from it and history is the application of this theory to the analysis of the empirical world. Explaining the great depression through the lense of the theoretical framework would be an example of history for example. As far as I know there's nothing wrong with trying to predict the future through this theoretical framework but you might be wrong. This is basically Austrian entrepreneurship (sort of forward oriented history). The way I see it from a science theoretical POV is that the action axiom and what you derive is basically the "hard core" of the research program (at least Lakatos makes the most sense for me with regards to science theory).