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Scientific theories are falsifiable: they make testable predictions. Austrian Economic theory comes closest to this ideal.
by bitcoin-truth 13y ago
Scientific theories are falsifiable: they make testable predictions.
Austrian Economic theory comes closest to this ideal.
- maaku 13y agoAnd now you've discovered why economics is a social science. It builds models of human behavior. Humans are non-deterministic at this scale. As soon as you build an economic model, it's possible it stops working because its existence influences the behavior of the humans its modeling.