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Austrian School economists don't make predictions, but when they do they're right 100% of the time, except when they're wrong in which case I will remind you that Austrian School economists don't make predictions. If you think I'm exaggerating, check out this unintentionally hilarious excerpt from the Ludwig von Mises Institute wiki. See if you can count how many times they flip-flop on whether they make predictions. Austrian predictions
This page attempts to list various predictions made by
Austrian economists about important economic and other
developments.
Important note: Austrian economists, as Austrian
economists, or praxeologists, do not predict. They can
predict not as formal economists, or praxeologists, but,
rather, in their role as thymologists, or economic
historians. In praxeology, A causes B, other things
remaining the same. But, in the real world, other things
cannot be relied upon to always remain constant. Therefore,
predictions of the "A will necessarily lead to B" type are
strictly prohibited. Instead, praxeologists, but not
thymologists, must limit themselves to statements of the
if-A then-B variety.
With this in mind, it is interesting that Austrian
economists have been quite successful at predicting major
events.[1]
http://wiki.mises.org/wiki/Austrian_predictions |