A Critique of the Austrian School of Economics

This video is bogus. In the spirit of the internet, I have re-posted it to allow comments and ratings... as naturally the origional video would have been 1 rated and tarnished with truth. Please rate this video as you see fit (1) and comment accordingly.

The Scientific method is the proper epistemology for the natural sciences, but not the social sciences. To find out why; read:

The Mantle of Science by Murray Rothbard
http://mises.org/rothbard/mantle.asp

What Is the Proper Way to Study Man? - Rothbard
http://mises.org/daily/3605

Praxeology: The Methodology of Austrian Economics
http://mises.org/rothbard/praxeology.pdf

Praxeology as the Method of the Social Sciences
http://www.mises.org/rothbard/praxeologymethod.pdf

Remember, the Austrian School of Economics was the only school of thought that has consistently predicted every crisis in this country over the last century. Why? Because it has the right methodology.

Category:

Nonprofits & Activism

Tags:

• Austrian
• School
• economics
• Menger
• von
• Mises
• Hayek
• Rothbard
• Rockwell
• Ron
• Paul
• AustrianSchool

[rebby11]

Silly little hit-piece...funny (no hilarious) that it accuses Austrians as Rationalists. But there's Hayek himself writing a huge critique of rationalism (or scientism.) This "critique" is more of a complaint by someone who hasn't taken the time to understand hard problems these theorists were dealing with. Instead, it's a "cut and paste" philosophical critique that smells of defensiveness and sophistry.

[GodOfTheInternets]

@shadowgeyser

What the hell is the SNLT?

[GodOfTheInternets]

@shadowgeyser

Milton Friedman compared empirical data with Austrian theory twice, conclusion according to this data: the theory is wrong.

google wasn't helpful.

How does it integrates subjective value in a backdoor manner?

[domenicsergi]

And statistics can't be spun into anything you want?

[Audiofalcon7]

@GodOfTheInternets Go on mises . org and check the dailies. They should have a section of the "Bailout Reader" or something like that. What empirical data shows that the LTV is proven right? Do not humans have means, ends, and action? By staring at a man you gain no truth - by considering that man to be just like you and to have the same logical actions as you, you gain a plethora of truth.

[GodOfTheInternets]

"Austrians predict crises" I always hear this claim, but where is the evidence? And if it is true, that says nothing about the normative economics of the Austrian school, merely something about is positive:

"It is one thing to show a man that he is in error, it is another to put him in possession of the truth"

The Austrian theory of the business cycle has been proven wrong compared to empirical data. LTV is proven correct with empirical data. Economic calculation problem = bullshit.

[SBRslacker00]

@oiuoiu988

Your quote:

'opponents of austrian economics are afraid to ... show their face'

YOU ARE AFRAID TO SHOW YOUR FACE.

'im not doing the thing i am pointing out'

You are doing EXACTLY what you are pointing out.

'you fit into the category of opponents who are afraid to even argue their point.'

What point am I afraid to argue? I called you a hypocrite and I've proven my point over & over. You keep trying to change what you said, but it's right there in black and white.

[oiuoiu988]

@SBRslacker00

i think its pretty obvious that i agree with that definition of the term and i dont think i'm guilty of it... im not doing the thing i am pointing out, not to mention i dont make videos... nice try though. its funny that you fit into the category of opponents who are afraid to even argue their point.

have a nice day.

[SBRslacker00]

@oiuoiu988

'hypocrisy - Moral self-contradiction whereby the behavior of one or more people belies their own claimed or implied possession of certain beliefs, standards or virtues.'--Taken from Wiktionary, but I could find a similar definition from a wide variety of online dictionaries.

You claim the standard of showing one's face. Your behavior does not meet your own standard of behavior. That is a moral contradiction, AKA hypocrisy.

Go ahead, tell me what you think hypocrisy means.

[oiuoiu988]

@SBRslacker00

so youve demonstrated that you dont understand what hypocritical means... awesome.