[danenania]

For me, the major idea that the Austrians bring to the table is that the study of economics is not a science and never can be. Attempts to create and support models by quantitive analysis of data are flawed because human economies are so astronomically complex that it's impossible to isolate variables, and therefore impossible to design valid economic experiments or draw sound conclusions from economic data.

There are many parallels to algorithms analysis. If we want to know how fast an algorithm runs, our approach isn't to try to run it on every processor in existence and compare the results. Instead we break down the algorithm logically to deduce its theoretical running time.

Austrian economics--in its good parts anyway--is an attempt to build a framework for economics that is more like the asymptotic analysis of algorithms. But this very compelling goal is frequently derailed by politics and polemics.

[vwfwerwetqwerqw]

Algorithmic analysis is absolutely scientific. Asymptotic analysis is based on models of computer behaviour that are testable (and people do test them and do improve on them). Moreover, the asymptotic models make predictions and those predictions are testable (and people do test them and do improve on them).

The asymptotic analysis of algorithms would not be useful if it didn't make accurate predictions about real world phenomenon. I've written peer reviewed computer science papers where I have devised an algorithm, predicted its asymptotic behaviour and then validated through empirical testing.

What you're describing sounds completely different. If the major idea is that human economies cannot be scientifically analysed, then surely all analysis is a waste of time? An analysis that isn't based on the scientific method isn't more likely to be correct.

[yxhuvud]

Well, they are certainly correct in that Austrian economics isn't science.