05-29-2016, 12:32 AM
(05-28-2016, 06:48 PM)Mikebert Wrote: [My problem with Austrians is that what they offer is not science. Theory is not an explanation for observed reality that improves by comparison of theoretical prediction with reality, as is done in science. Austrian theory is derived independently of evidence: “anterior to the experience of particular historical episodes.” I have a problem with their "praxeology", in which they derive a theory of what makes humans tick from "self evident" facts. To me this resembles a proven inadequate path to knowledge. Replace praxeology with theology and you get Thomism, whose "scientia" was supplanted centuries ago by modern science.
The problem is that you can't run repeatable experiments in the field of economics. Deducing what is happening from what is known about human behavior is the best that you can do. All that we have is logic, what can be observed about the human condition and the historical record. You might also want to note that the mainstream economists never seem to be able to spot a bubble until it blows up.
Democracy is the theory that the common people know what they want, and deserve to get it good and hard. -- H.L. Mencken
If one rejects laissez faire on account of man's fallibility and moral weakness, one must for the same reason also reject every kind of government action. -- Ludwig von Mises
If one rejects laissez faire on account of man's fallibility and moral weakness, one must for the same reason also reject every kind of government action. -- Ludwig von Mises