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overtheedge
Membre depuis mai 2012
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Austrian economics in 2013

- Alasdair Macleod - Finance and Eco.

Well said. I only have a problem and it is with this statement:
"They resort to statistical analysis, appropriate only to physical as opposed to natural science."

Economics, in this usage, is not a natural science. It is a pseudo-science.
Science provides the mechanism to acquire knowledge. Knowledge is tested by application. The better the knowledge base, the more predictable the outcome. Deux ex machina has no place in science and the running results in economics calls its application there into question as well.

The reason economics, as we are defining it, is not a science is quite simple. Every party to the economic system can make and apply their own rules of acquisition. All sciences are consistent. Economics isn't.

But you are correct about the application of statistics as their analytical tool of confusion.

Commenté il y a 4249 jours

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Début de l'article :Regular readers of my articles either have some knowledge of Austrian economic theory or at least suspect that Keynesian and monetarist alternatives are flawed. Their failures are becoming more evident, which suggests we will hear more of Austrian theory in 2013. So how is Austrian theory different? Consider the following simple propositions in accordance with Austrian theory, which we can confirm from personal experience: Free market prices are always set by consumers through their choice to... Lire la suite

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