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I'm with you on global warming. > An alternative, I suppose, is to go "full Austrian" and presume economics is an inherently unfalsifiable subject, based on fu
by lake99 14y ago
I'm with you on global warming.
> An alternative, I suppose, is to go "full Austrian" and presume economics is an inherently unfalsifiable subject, based on fundamental logical truths.
This explains in what way: http://mises.org/daily/2025 http://mises.org/daily/2025
> Thus it is justified to ignore all empirical evidence and mathematical analysis in favor of deductive praxeology.
Austrian economists don't ignore evidence. The evidence is interpreted according to their ideological framework, just as any other kind of economist does. It's 2002, house prices are rising rapidly. I have money to spare. What do I do? None of the Austrian economists said "ignore the prices". Instead, they used that data and said "bubble coming up".
- parasubvert 14y ago> Austrian economists don't ignore evidence. I meant in terms of revising their theory to improve its usefulness in the face of new evidence.