AustrianEconomics

Quora Answer : Is Austrian economics falsifiable?

Jun 29, 2011

I don't think Austrians consider their economics to be a science at all. Consider this

"Mises insisted that economic theory itself was an a priori discipline. What he meant is that economists shouldn't ape the methods of physicists by coming up with hypotheses and subjecting them to empirical tests. On the contrary, Mises thought that the core body of economic theory could be logically deduced from the axiom of "human action," i.e., the insight or viewpoint that there are other conscious beings using their reason to achieve subjective goals."

from http://mises.org/daily/5390/The-Chicago-School-versus-the-Austrian-School