Opinion on the Austrian School of economics

[The world will shine with light in our nightmare]

One of the the most flawed theories I've ever read about.

[ingemann]

There're the people who learn from history, and when there're the people who believe in the Austrian School.

[Antonio the Sixth]

One of the biggest abominations of humanity.

[Snowstalker Mk. II]

lol

[k-onmmunist]

Naive.

[Ban my account ffs!]

It's an essentially correct interpretation of how unfettered markets work... in a vacuum... and with absolutely no taking into account important things like... human suffering or basic human decency.

It generally assumes heavy control on the population by the government in order to keep them in line and behaving well so that the market can operate in as close to a vacuum state as possible. 

This is why anarcho-capitalism and most forms of libertarianism don't work.  Because, let's face it... when a guy is starving and has a family to feed and there is no government to protect him or protect others from him... things turn very un-Austrian very quickly.

The process can be accurately described by a warning my Austrian choir director said to us when we kept making the same mistake in a song on Thursday which was to be performed in a concert on Saturday.

"Today, you are laughing.  Tomorrow, you are crying.  Saturday, you are dead."

[Roemerista]

This is economic theory, reality has not much to do with it.

As far as I know, all the important insights of the Austrian school, besides the whole no math thing put forward by the Mises institute, has become part of your standard Micro theory.

[The world will shine with light in our nightmare]

This is economic theory, reality has not much to do with it.

As far as I know, all the important insights of the Austrian school, besides the whole no math thing put forward by the Mises institute, has become part of your standard Micro theory.

Standard, if you can even call it that.  It is still largely ignored by academia.

[tpfkaw]

ITT: People who haven't even taken Econ 101.

[Okay, maybe Mike Johnson is a competent parliamentarian.]

'Praxeology' reminds me a lot of 'psychohistory' from the Foundation series, and psychohistory was bullsh**t, put it like that. Statistics and mathematics have their limits, of course, but the Austrian distaste for them indicates fear, since it knows good and well that it's an a priori ideology rather than a method.

I have sympathy for the underlying idea that economics relies in part on unreliable human actions that can't be accurately modeled mathematically, but praxeology is (a) subtextually just a precursor of evo-psych claptrap (one of the original terms was 'genetic-causal economics') and (b) subject to Ludwig von Mises's blatant admission that it '[is] not subject to verification or falsification on the ground of experience and facts'. This is the sort of thing that gets one laughed out of most non-PoMo humanities, let alone social sciences.

[Хahar 🤔]

I don't subscribe to that religion.

[Tetro Kornbluth]

'Praxeology' reminds me a lot of 'psychohistory' from the Foundation series, and psychohistory was bullsh**t, put it like that. Statistics and mathematics have their limits, of course, but the Austrian distaste for them indicates fear, since it knows good and well that it's an a priori ideology rather than a method.

I have sympathy for the underlying idea that economics relies in part on unreliable human actions that can't be accurately modeled mathematically, but praxeology is (a) subtextually just a precursor of evo-psych claptrap (one of the original terms was 'genetic-causal economics') and (b) subject to Ludwig von Mises's blatant admission that it '[is] not subject to verification or falsification on the ground of experience and facts'. This is the sort of thing that gets one laughed out of most non-PoMo humanities, let alone social sciences.

Basically this. I have furthermore noticed that a lot of Austrian economists tend to be big on their Sociobiology/Ev Psych nonsense, so the revelation that it was once referred to as "genetic-causal economics" hardly raises an eyebrow... and shouldn't to anyone paying attention.

[🐒Gods of Prosperity🔱🐲💸]

There's more than one definition of "genetic."  The cause is "genetic" in the sense of describing the genesis of an economic reality, rather than causation described through abstract variables as in econometrics. 
From what I've read, Hayek at least isn't interested in sociobiology - his view of evolution is as a cultural process. Maybe sociobiology entered in at a later point, but I don't see it as a good fit for an economics that works with an individualist methodology. Sociobiology hypothesizes a whole other set of evolutionary impulses rather than looking at the immediate purposes people have in their actions, and in that sense it tends to be collectivist.

[TNF]

They don't understand basic economic reality, preferring to spend their time in la-la land and theoryville.

[LastVoter]

ITT: People who haven't even taken Econ 101.

As opposed to people who don't understand Math 101.

[Okay, maybe Mike Johnson is a competent parliamentarian.]

There's more than one definition of "genetic."  The cause is "genetic" in the sense of describing the genesis of an economic reality, rather than causation described through abstract variables as in econometrics. 
From what I've read, Hayek at least isn't interested in sociobiology - his view of evolution is as a cultural process. Maybe sociobiology entered in at a later point, but I don't see it as a good fit for an economics that works with an individualist methodology. Sociobiology hypothesizes a whole other set of evolutionary impulses rather than looking at the immediate purposes people have in their actions, and in that sense it tends to be collectivist.

Thank you for correcting my understanding of 'genetic' in this context, but the problem with making this distinction is that it makes Austrian economics look even less rigorous than evolutionary psychology. It's entirely possible that there isn't, in fact, a way to be ideally rigorous about economics, but inventing new fields of study to support ideological prescriptions isn't the way to go about fixing or working with this if so.

[All Along The Watchtower]

An amusing, but very irritating joke of an "economics school."

[RI]

The laughingstock of economics, if it can even be called such.

[Phony Moderate]

Satire.