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It seems to me that something similar to Adam Smith happened to the Austrians: their ideas have been cherry-picked. According to German Wikipedia, their main th
by ahartmetz 2y ago
It seems to me that something similar to Adam Smith happened to the Austrians: their ideas have been cherry-picked. According to German Wikipedia, their main things were / are a focus on individual preferences, marginal utility, and a rejection of mathematical modeling(!)
There was also something about lower state expenditures (...taxes...) giving better results for the people - that's the one that seems to be very popular with rich people for some reason. Go figure.
- jampekka 2y agoAustrian economics also rejects empirical assesment of its claims. Instead, universal thruths are derived "logically" (formal logic banned though) from "obviously true" axioms using a method called praxeology. It seems a lot like Scientology: the more you learn about it, the more bizarre it gets. And of course it's used to extract a lot of money for few benefactors.
- naasking 2y agoUnlike scientology, Austrian economics made some important contributions to mainstream economic understanding.
- triceratops 2y agoTo be fair, Scientology never claimed to make any predictions about economics. (AFAIK, I don't know any Scientology)