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by eli_gottlieb
4615 days ago
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The whole problem with Austrian economics is that they reject scientific epistemology entirely by waving a big flag on which is written, "Human Free Will makes everything unpredictable!" And then they go ahead and make predictions anyway, out of sheer ideology. If Keynes is epistemologically worthless, fine, but so are von Mises and Hayek. More so, in fact, because they adamantly refuse to employ an empirical method. |
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Well in practice it currently does. That's not to say that in principle we won't eventually develop a real quantitative science of human behavior -- but it's going to require some major advances in neurobiology.
> And then they go ahead and make predictions anyway, out of sheer ideology.
Yes, but the Austrian response is that all other economists are doing the same, while deceiving themselves that they have no ideology at all. So most economists' axioms and deductions remain unexamined and unchallenged.