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Austrian Economics is Unscientific?

Jake-migkillertwo
Posts: 67
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7/4/2012 4:45:01 PM
Posted: 4 years ago
I dunno. What testable predictions does austrian economics make? What sort of empirical evidence can support or falsify austrian economics?

Neo-Keynesian equilibrium models, such as the IS-LM model, the Mundell-Fleming model etc, make all sorts of empirically falsifiable predictions and are built both with introspective and empirical evidence.

What sort of empirical evidence could support Austrian capital or interest rate theory? I'm aware of none. On that basis, I'm prepared to say that Austrian economics is not scientific.
Wallstreetatheist
Posts: 7,132
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7/4/2012 11:55:28 PM
Posted: 4 years ago
At 7/4/2012 4:45:01 PM, Jake-migkillertwo wrote:
I dunno. What testable predictions does austrian economics make? What sort of empirical evidence can support or falsify austrian economics?

Neo-Keynesian equilibrium models, such as the IS-LM model, the Mundell-Fleming model etc, make all sorts of empirically falsifiable predictions and are built both with introspective and empirical evidence.

What sort of empirical evidence could support Austrian capital or interest rate theory? I'm aware of none. On that basis, I'm prepared to say that Austrian economics is not scientific.

Some empirical evidence for the Austrian Business Cycle Theory:
http://www.debate.org...

As for mathematical modeling and experiments, Austrians hold them to be virtually impossible in replicating an entire economic market.
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Wallstreetatheist
Posts: 7,132
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7/4/2012 11:56:34 PM
Posted: 4 years ago
At 7/4/2012 4:45:01 PM, Jake-migkillertwo wrote:
On that basis, I'm prepared to say that Austrian economics is not scientific.

Begging the question... Also, did you watch the video?
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bossyburrito
Posts: 14,075
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7/5/2012 2:57:37 AM
Posted: 4 years ago
At 7/5/2012 2:39:25 AM, Wallstreetatheist wrote:
http://thisisjasonsilva.com...
^^

That made me want to have some free-trade babies.
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Wallstreetatheist
Posts: 7,132
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7/9/2012 1:13:30 AM
Posted: 4 years ago
At 7/8/2012 7:48:08 PM, Wnope wrote:
Is ANY model in economics arguably "scientific?"

Keynesian and Neoclassical model builders argue their models are scientific, even though it is impossible to accurately model economic markets. Keynesianism gives a seemingly scientific rationale to governments to spend more money in recessions to 'prime the pump', which is one of the reasons the school of thought has been popularized. Paul Krugman argues that Keynesianism is scientific; although his arguments are poorly constructed and filled with axiomatic and empirical flaws and misunderstandings, he makes a scientific case for it.
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NixonianVolkswagen
Posts: 481
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7/14/2012 2:40:14 PM
Posted: 4 years ago
Well... If Austrian economics rejects the utility of the scientific method, or mostly does so, then to that extent it's comparatively non-scientific. Of course, it goes without saying that this doesn't necessarily mean that it's wrong, it could even still be empirical (emphasizing certain general observations over systematic experimentation).

Although, it's pretty blurry. I'd say that the most one could claim is that Austrianism is much less scientific than some other branches of economics, although that's arguable.

Addendum: Sorry, I wasn't able to watch the video before posting.
"There is an almost universal tendency, perhaps an inborn tendency, to suspect the good faith of a man who holds opinions that differ from our own opinions."

- Karl "Spartacus" Popper