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But even if we look away from that, main problem with Austrian school of economics (which is Mises) is that it is extremely rationalist (in this sense https://p
by js8 4y ago
But even if we look away from that, main problem with Austrian school of economics (which is Mises) is that it is extremely rationalist (in this sense https://plato.stanford.edu/entries/rationalism-empiricism/ https://plato.stanford.edu/entries/rationalism-empiricism/) to the point it doesn't even accept any empirical evidence. And it is clear from their books, they simply do not reflect any real world data, it's all made up with no connection to the objective reality whatsoever.
Second problem is more widespread and it is that in practice, economics is always political (in the sense it includes some moral axioms whether you like it or not), and various right-wing attempts (austrian, objectivist, neoclassical) to repaint it as something objective are highly contested if you look at history of the profession. I think Ha-Joon Chang (whose https://en.wikipedia.org/wiki/23_Things_They_Don%27t_Tell_You_About_Capitalism https://en.wikipedia.org/wiki/23_Things_They_Don%27t_Tell_Yo... is also a great read) points this out very nicely in https://www.youtube.com/watch?v=NdbbcO35arw https://www.youtube.com/watch?v=NdbbcO35arw.