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by kriro 4624 days ago
Austrians distinguish between theory and "history" and Hayek has argued that you can at best make "trend predictions" due to the uncertainty of the world.

I do not understand why there seem to be no Austrian quantitative models and the like as part of the "history" (bad name as it includes both application of theory towards historical periods and predictions). Predicting the future is an entrepreneurial act in the Austrian sense and if the Austrian model is good/better one would expect better predictions from someone working from these foundations.

I agree that there's quite a few laymen and not all that many pure Austrian theorists (and the few that exist seem to be working in management science and the like not in economics).

I'm not sure what defines a proper science in the science theoretical sense these days but if you take something like Lakatos (which is basically what I'm roughly comfortable with don't know about newer developments) I'm not sure mainstream and Austrian economics would differ all that much (probably both non-science by his criteria)

The most tilting thing about Austrians in general (and I'd certainly say I sympathize with their core ideas alas I don't have enough time to investigate properly) is that they attack "mainstream economics" based on a view that is pretty far removed from current mainstream economics. Most are stuck at thinking "ZOMG Keynes" at least I haven't met all that many that knew what a DSGE model is for example.