The Empirics of Austrian Economics

Steve Horwitz clarifies some criticisms of Austrian Economics.

“Finally, as that research demonstrates, modern Austrians distinguish among “empirical evidence,” “quantitative data,” and “statistical correlation” in such a way that allows all of them, though less so the third, to play a role in their work. Rather than being anti-empirical, modern Austrian economists are trying to open up the box of what counts as “empirical evidence” to include forms normally dismissed out of hand by the rest of the profession. Arguably, then, modern Austrians might well be more empirical than other economists, at least as judged by their professional work”.- Steve Horwitz,

Despite the impression that one might get from reading some Austrians, Mises’s term “praxeology” was not intended to be a “method” for economists. Instead, that term, which has roots in the Greek for “action,” described a field of study“.


About Christopher Hessenflow

Christopher Hessenflow is a financial planner in the Chicago area. He works with all sorts of people who are much more interesting than he is. He enjoys his career which lends him time to think and, sometimes, be creative. Chip was born bald.
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