Difference between revisions of "Parable of the ship: why Austrian Economics fails."

[[Category:Austrian Economics]]

[[Category:Austrian Economics]]

[[Category:Failures Of Libertarian Philosophy]]

[[Category:Failures Of Libertarian Philosophy]]

{{DES | des = The great fault of Austrianism is that it is not scientific.  It is structured as a medieval philosophy based on authority, rather than systematic adherence to real-world data.}}

{{DES | des = The great fault of Austrianism is that it is not scientific.  It is structured as a medieval philosophy based on authority, rather than systematic adherence to real-world data.}}

Many libertarians and other conservatives look to Austrian economics because they find their preferred positions explained with clear moral stories. But the great fault of Austrianism is that it is not scientific. Science is a better way of knowing than philosophy, because scientific theories have to explain close to all the scientifically collected data. For all the faults of conventional economics, it is far closer to a science than Austrianism because it relies heavily on data. Austrianism has a methodological disrespect of data. It is structured as a medieval philosophy based on authority, rather than systematic adherence to real-world data.

Many libertarians and other conservatives look to Austrian economics because they find their preferred positions explained with clear moral stories. But the great fault of Austrianism is that it is not scientific. Science is a better way of knowing than philosophy, because scientific theories have to explain close to all the scientifically collected data. For all the faults of conventional economics, it is far closer to a science than Austrianism because it relies heavily on data. Austrianism has a methodological disrespect of data. It is structured as a medieval philosophy based on authority, rather than systematic adherence to real-world data.