I’m an Austrian Economist – LewRockwell

In addition to being a libertarian in political philosophy, I am also a member of the Austrian school of economics.

Austrian economics has nothing to do with the economy of that European country. It is so named because its founding fathers all emanated from that part of the world. They include such European scholars as Carl Menger, Eugen von Bohm-Bawerk, Ludwig von Mises, Friedrich A. Hayek (Nobel Prize winner in the dismal science in 1974) and Joseph Schumpeter.  Murray N. Rothbard and Israel Kirzner are the most high profile American Austrians. In like manner, the Chicago School of economics does not at all focus on the commercial well-being of that particular city. Rather, this perspective too takes its name from the fact that its progenitors were all in some way associated with the University of Chicago. Luminaries include Aaron Director, Henry Simons, Milton Friedman, George Stigler, Gary Becker and Ronald Coase.

Austrian economics diverges in several important ways from that followed by our colleagues in the mainstream of the profession. First and foremost, the praxeological school, at least insofar as I see matters, belongs in the realm of logic; it is not an empirical science. For the mainstream neo-classicals, logical positivists to the core, the be-all and end-all of proper empirical science is falsifiability and testability. All claims in economics are only tentative hypotheses, which stand or fall if and only if they can withstand empirical testing. While Austrians also entertain such hypotheses, we also deal in the realm of apodictic necessarily true laws. They cannot be tested nor falsified and yet are absolutely certain.

Defending the Undefend…
Walter Block
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