Austrian economics (or the Austrian school of economics) is #libertarian#philosophy masquerading as a school of economic thought. This school is notable for its lack of formal mathematical modeling and empirical testing. Among its more unusual traits, the Austrian school draws its conclusions based on deduction and thought experiments, rather than data. In place of the conventional tools of science, the Austrian School favors a narrative approach called "praxeology". Despite its shortcomings, some less nutty features of the Austrian School have leaked into mainstream economics while the more nutty have found a home at libertarian think tanks (Cato Institute and Ludwig von Mises Institute).
@RationalWiki I wasn't aware it was "rational" to criticize a school of thought for it's lack of formal mathematical modeling and empirical testing, then turn around and divide its features into categories of "less nutty" and "more nutty".
@zdl@RationalWiki It's pretty common to attack people for pointing things like this out. I took a long, long hiatus from social media; I wish I was surprised at how common this sort of thing still is.
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