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Austrian Economics is not a source of scientific truth, since Austrian economists openly reject the scientific method.

• disruptalot 5y ago
  Is there anything really inherent in Austrian economics about ignoring evidence? Hate to be that guy (source???), but this doesn't match up at all with my impression of the difference factions in economics. If anything, the economists who reject the current dominant economic tools seem to have more of an emphasis on empirical evidence than wishful thinking.
  • lottin 5y ago
    They reject the idea that Economics is an empirical science. Instead they believe that knowledge is obtained by deductive reasoning alone and not from the observation of reality. https://en.wikipedia.org/wiki/Praxeology https://en.wikipedia.org/wiki/Praxeology
    • nieve 5y ago
      It's always struck me as somewhat bizarre that so many libertarians who claim to embrace empiricism & the scientific method have also embraced a movement that's directly counter-science, but it's a school of economics they can point to and claim intellectual rigor based on.