Austrian vs. Neoclassical Analytics | Robert P. Murphy
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@mjbarrowful Check out @Praxgirl's channel for a great series of videos on the Austrian method, praxeology.
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Of course multiplying by two and adding three won't change the order... Do you know how linear functions work, Murphy?
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Lol. I've already that essay; I just didn't know who wrote it.
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Austrian economics = The results cannot be estimated, so I don't care, but I am still right.
Neoclassical economics = This is best way to approximate the results.
Keynesian economics = A load of BS
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Neoclassical economists know the probability distribution, not the events with certainty. They know the probabilities with certainty.
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@peepnklown Keynes himself said that Keynesian economics should only be used for temporary solutions.
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The Austrian school uses logic in its theories, not empiricism; so anyone who dismisses Austrian economics as unscientific must also dismiss logic, geometry, and mathematics in general as unscientific: the root of all these sciences is logic. Empirical data is neither a proof nor a disproof of theory. Empirical data is only useful in physical sciences where the actors are homogeneous (ie two Hydrogen atoms and one Oxygen atom make water); economics involves heterogeneous actors (people).
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This is basically my whole 2000 word research essay, woo!! And now to find some fake references. Love youtube!
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@mjbarrowful I think he did answer it... or, if you don't think he was detailed enough look up praxeology on youtube.
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I've heard the austrian school is unscientific and rejects empirical data. Anybody know how to respond to these criticisms?
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Keynesian economics has had enough time in the American economy to be shown as a failure. It is time to allow the Austrian school time in the American economy.
peepnklown 2 years ago 43
Murphy is the man. I am a stubborn, stubborn person, and he almost single-handedly changed my political affiliation from republican/small government to Anarcho-Capitalist with his "Chaos Theory: 2 essays on Market Anarchy". His ability to predict objections to his theories and answer them is second only to Murray Rothbard from what I hav read.
tecmason 2 years ago 19