Critique of Austrian Economimcs
Submitted by NeoConned on Thu, 11/05/2009 - 14:20
Although comments are disabled I figured I'd share the link here in hopes of getting some feedback on this guys critique.
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They guy is espousing a religion of his own
Apparently he forgot that positivism has been exploded, empiricism is incapable of creating anything more firm than fickle and fluctuating rules of thumb with respect to human action, and a priori deductions are based on the principles of action. If man did not act, he couldn't think up the ignorant things that this guy was able to cobble together. In fact empiricism has limits in the hard sciences as the investigation of quanta has shown. Human interaction with the universe alters the results of experiments, leaving empiricism naked and exposed as merely a method of estimating future possibilities, and not providing clear understanding of the workings of the universe or of human interactions.
See Rothbard for a defense of a priori deduction.
http://mises.org/rothbard/extreme.pdf
Mises in "Human Action" and other writing blows apart the positivists and the historical school.
republic
Absolute nonsense
For starters, it ignores the fact that in no scientific system can have an infinite regress. It pretends that all science goes on forever justifying its earlier premises.
Further, it ignores the fact that we don't need to conduct experiments on whether holding people at gunpoint and stealing from them is good for the economy or not. We don't do it because it's immoral.
The guy in the video is a pretentious and ignorant fool.
I cant watch it because I
I cant watch it because I dont have audio right now, but I can give you my own personal critique:
#1 Too politicized.
#2 Wordy explanations when a simple diagram would do
#3 Strange aversion to empirically strengthening their arguments. I understand not using models, but that doesnt mean you shouldnt use statistical testing to back up your points, if only to engage the mainstream.
#4 Obession with recapping theory over and over without addressing the magnitude of the implications of that theory.
Its strengths:
1. Support for the Gold Standard
2. Theories are proven empirically correct time and time again
3. Written for public consumption
4. Not beholden to the establishment
Ventura 2012