Where's the math in Austrian Econs? Serious question tho. How do your models and hypothesis work and how can they be criticized or falsified if there's no mathematical translation?
You use mathematical deduction to prove or disprove theories rather than precise mathematical models. E.g. if x > y and z > x then z > y must be true. There are too many uncontrolled variables in economies to try to prove or disprove theories with empirical data, you can only illustrate possible effects. You can still use traditional mainstream models and graphs, however the logical assumptions most are based on are incorrect, leading to a different outcome from the same model using Austrian assumptions.
as it turns out, concepts like value and success, which explain economic phenomena, are not translatable into mathematical relationships. shocking, i’m sure.
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There's nothing better than a Dr. Herbner lecture
When the policies you push, backfire.
Where's the math in Austrian Econs? Serious question tho. How do your models and hypothesis work and how can they be criticized or falsified if there's no mathematical translation?
The sky is not blue its green. Disprove me using math
You use mathematical deduction to prove or disprove theories rather than precise mathematical models.
E.g. if x > y and z > x then z > y must be true.
There are too many uncontrolled variables in economies to try to prove or disprove theories with empirical data, you can only illustrate possible effects.
You can still use traditional mainstream models and graphs, however the logical assumptions most are based on are incorrect, leading to a different outcome from the same model using Austrian assumptions.
@@williambonac8157 by this logic it is impossible to study the economy at a macro level.
as it turns out, concepts like value and success, which explain economic phenomena, are not translatable into mathematical relationships. shocking, i’m sure.
@@codinginsights122 You can't have a controlled experiment with the macro-economy.