@@TheCruxy it has no ring to it making it sound all official and up to date like "modern monetary theory". It just puts us in Austria , which of course none of this matters but from a subconscious marketing angle
LOL... So ... Austrian economic theory has the same rigor and validity as mathematics ... that is an interesting idea ... They should change the name of Laws of Economics... Oh no wait... they are not laws, but theories... and the idea that because you believe in a theory, if you find evidence opposing that belief, you will not deny the theory... is the opposite of scientific knowledge... A very flat earth idea...
It would behoove you to know that unless your criticism addresses the synthetic a priori category, all that you're doing is gatekeeping for Kool-Aid empiricists.
@@sebastiangabrielrodriguezi5339 I can only recommend that you read "The Ultimate Foundation of Economic Science" by Mises. It's far too much for me to elaborate.
You don't think the Austrians have come up against this 'argument' before? You increase the minimum wage by 50% in 5 contexts, and in all 5 of them, employment levels rise. What do we do with the economic theory that tells us that minimum wage laws put upward pressure on unemployment?
@@connorism69 I really don't know, but maybe we can continue researching the reasons that generate changes in behavior through the scientific tools we have. We cannot deny reality because it does not go with our theory, as the Austrians end up doing.
Theory & History is my favourite Mises book.
The "final goods" vs "also intermediate goods, even with double counting", I wish the talk expanded a bit more on that, very interesting
how do they explain the medallion fund
I wish the Austrian school had a different name
Why so
It has also been called the causal-realist school ( by Klein and Herbener, I think).
@@tensortab8896 better than casual realist
@@TheCruxy it has no ring to it making it sound all official and up to date like "modern monetary theory". It just puts us in Austria , which of course none of this matters but from a subconscious marketing angle
@@alistairproductionsThe Austrian element makes it sound like the guy with the moustache from WW2.
Nice strawman
Nice specificity.
LOL... So ... Austrian economic theory has the same rigor and validity as mathematics ... that is an interesting idea ... They should change the name of Laws of Economics...
Oh no wait... they are not laws, but theories... and the idea that because you believe in a theory, if you find evidence opposing that belief, you will not deny the theory... is the opposite of scientific knowledge...
A very flat earth idea...
It would behoove you to know that unless your criticism addresses the synthetic a priori category, all that you're doing is gatekeeping for Kool-Aid empiricists.
@@TheGerogero sorry, i dont quite understand your remark... can you elaborate maybe?
@@sebastiangabrielrodriguezi5339 I can only recommend that you read "The Ultimate Foundation of Economic Science" by Mises. It's far too much for me to elaborate.
You don't think the Austrians have come up against this 'argument' before? You increase the minimum wage by 50% in 5 contexts, and in all 5 of them, employment levels rise. What do we do with the economic theory that tells us that minimum wage laws put upward pressure on unemployment?
@@connorism69 I really don't know, but maybe we can continue researching the reasons that generate changes in behavior through the scientific tools we have. We cannot deny reality because it does not go with our theory, as the Austrians end up doing.
I am the first to comment.