Austrian economics

Abstract:

The economics profession is said to be in a crisis, for it failed to announce the 2008 meltdown. There is one view that all economists are supposed to hold, one view which may be considered as a defining feature of the mainstream: in order for an explanation to be truly scientific, it must be obtained and framed in a certain way. With its epistemological and methodological foundations, the Austrian approach distinctly differs from all other modern approaches to economic analysis. The prevailing method of causal analysis, in mainstream economics, consists of the following: first, one observes some phenomenon; then one looks out for other observable phenomena which seem to be correlated with the first. Austrian economists use the method of logical inference in order to identify universal causes and consequences of human action in all sorts of empirical contexts. Repressive interventions are best known, both in the Austrian and in the mainstream literature.

Año de publicación:

2017

Keywords:

Fuente:

scopus