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>The methodology of Austrian economics seems completely unscientific, I believe a part of praxeology is disregarding empirical evidence(?). Praxeology is suppo
by 2038AD 8y ago
>The methodology of Austrian economics seems completely unscientific, I believe a part of praxeology is disregarding empirical evidence(?).
Praxeology is supposed to be an application of logic* where economic analysis is based purely on specific axioms and propositions. In other words, praxeology is supposed to be as empirical as mathematics and a decent amount of mainstream economics. IIRC, in Human Action, Mises argues Economics is like (Euclidean) geometry, echoing Kant's rationalism. I believe then in Man, Economy, and State, Rothbard argues for term logic in natural language as opposed to predicate logic represented symbolically. It's good for laymen and philosophy-fans but bad for introducing implicit assumptions (basically Krugman's criticism).
* While I think logic isn't empirical some people disagree https://en.wikipedia.org/wiki/Is_Logic_Empirical%3F https://en.wikipedia.org/wiki/Is_Logic_Empirical%3F
- AnimalMuppet 8y agoYou can have an axiomatic system, and use deduction to reach conclusions. Or you can have a system with real humans in it. But real humans are not axiom-following machines (for any set of axioms). The axioms therefore do not let you reason about the behavior of actual humans. That seems to mean that if the conclusions are correct, they are correct only by coincidence.