Austrian Economics Method of Economics. Method of Economic Theory Method - procedure for discovering scientific law Permits independent verification by.

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Presentation transcript:

Austrian Economics Method of Economics

Method of Economic Theory Method - procedure for discovering scientific law Permits independent verification by personal experience with the facts Natural science method: empirical experiments Procedure Hypothesis Facts Test Conclusion

Method of Economic Theory Natural science method: empirical experiments Example: Law of gravity F = G M 1 M 2 r 2 F = a 1 M 1 a 1 M 1 = G M 1 M 2 r 2 a 1 = G M 2 r 2

Method of Economic Theory Natural science method: empirical experiments Presuppositions Events are reproducible Effects are quantitatively definite Effects are invariant across time and place Implications Scientific prediction

Method of Economic Theory Economics: scientific laws of human action Presuppositions Reproducible events? Quantitatively-definite effects? Invariant effects? Implication Scientific predictions?

Method of Economics Economics: statistical laws of human action Presuppositions Class of events? Quantitatively-definite PDF? Invariant PDF? Implication Statistical prediction? Method of Economic Theory

Praxeology: Mental experiments Procedure Reflective facts Deduction Premises Logic Conclusions Imaginary Constructions Ceteris paribus Successive approximation

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