St. John’s University professor, Northrup Buechner, recently released his book Objective Economics.
Deductive reasoning versus inductive reasoning is our challenge. Objective reality versus subjective reality is the source of our arguments. The Austrian School argues that human nature is so complex and is challenging to model that deductive reasoning must be used. Objectivists claim this is incorrect. They believe in inductive reasoning by analysis.
I have to think there is a solution to these schools. In my naive thinking, I suppose that the Austrian School must eventually test their beliefs. Other schools of thought like objectivism, the Chicago School, or any number of thoughts can be used to support their ideas.