/sci/ - Science & Math » Thread #11539441

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Anonymous Mon 06 Apr 19:45:30 2020 No.11539441 View Reply Original Report

Quoted By: >>11539448 >>11539465 >>11539786 >>11540831 >>11540853

Are Austrian economics and praxeology science? To this day they remain one of the most accurate tools of prediction, despite not conforming to many mainstream conceptions of "science". Could they be something more than science?

Anonymous

Anonymous Mon 06 Apr 2020 19:48:38 No.11539448 Report

Quoted By:

>>11539441
Q: Why has astrology been invented?
A: So that economy could be an accurate science.

>An econometrician and an astrologer are arguing about their subjects. The astrologer says, “Astrology is more scientific. My predictions come out right half the time. Yours can’t even reach that proportion”. The econometrician replies, “That’s because of external shocks. Stars don’t have those”.

Anonymous

Anonymous Mon 06 Apr 2020 19:53:20 No.11539465 Report

Quoted By:

>>11539441
>The First Law of Economists: For every economist, there exists an equal and opposite economist.
>The Second Law of Economists: They’re both wrong.
> — David Wildasin

Anonymous

Anonymous Mon 06 Apr 2020 21:44:15 No.11539786 Report

Quoted By:

>>11539441
>to this day they remain one of the most accurate tools of prediction
They don't. Learn real economics first.

Anonymous

Anonymous Tue 07 Apr 2020 05:18:35 No.11540831 Report

Quoted By: >>11540855

>>11539441
As a enthusiast of the Austrain school I agree with the "accurate tools of prediction", but calling it a SCIENCE might be pushing it a little beyond what it actually is...I might be wrong though.
I believe calling it a brench of philosophy would be more accurate desu, specially seeing how its method works and how it's way too heavily structured in axioms.
Stills far better than most of the other schools of thought.

Anonymous

Anonymous Tue 07 Apr 2020 05:32:39 No.11540853 Report

Quoted By:

>>11539441
No
It has on nothing

Anonymous

Anonymous Tue 07 Apr 2020 05:34:40 No.11540855 Report

Quoted By:

>>11540831
This. The Austrian School is not concerned with empirical study, so it cannot be a science. There's nothing wrong with an autistic focus on axioms though. If an axiom is correct, then it must be correct in all cases. Unlike in other schools of economics, where axioms are asserted and then completely ignored and often contradicted once higher-order concepts are introduced. Austrians at least try to be internally consistent.

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