Technocratic
Active member
- Joined
- Sep 7, 2010
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- Location
- Soviet Technate
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- Political Leaning
- Conservative
Again, the Austrians are not an empirical school of Economics. They say this themselves, quite openly at that, instead supporting philosohpical-deductive "axiom" economics. They are akin to Psychoanalysis and Marxism in insofar as they theorycraft ahead of time, make a whole bunch of assumptions, and then fit concepts and data into the schema.
This is the thought process of an Austrian Economist:
1. Develop a set of philosophical assumptions about the world.
2. Deduce principles generalized from these assumptions (call them axioms).
3. Develop a mathematical model with WHIZ BANG numbers, graphs, and phoney statistics to visualize these assumptions.
4. Attempt to solve problems in the real world by applying their deduced principles.
5. Ignore the effects of said applications and any empirical evidence that contradicts their models.
6. Continue to use the model.
Ironically, the aforementioned steps also reflect the thought process of Marxist Economists. Except Marxists pretend to be "scientific" while Austrians are more honest. They openly reject science.
This is the thought process of an Austrian Economist:
1. Develop a set of philosophical assumptions about the world.
2. Deduce principles generalized from these assumptions (call them axioms).
3. Develop a mathematical model with WHIZ BANG numbers, graphs, and phoney statistics to visualize these assumptions.
4. Attempt to solve problems in the real world by applying their deduced principles.
5. Ignore the effects of said applications and any empirical evidence that contradicts their models.
6. Continue to use the model.
Ironically, the aforementioned steps also reflect the thought process of Marxist Economists. Except Marxists pretend to be "scientific" while Austrians are more honest. They openly reject science.
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