Where did the Austrian school of economics go so wrong?

Where did the Austrian school of economics go so wrong?

It's not people friendly. Keynesian ideology is easier for regular folk to understand, if you spend money someone else must be earning it, keeping the wheel turning.
Believe it or not, but most people are ignorant of economics!
Though, there is no "right" school of economics, economics isn't exact science after all.

when they began to care about "ought" over "is"

They assumed that rational self interest is actually an accurate model of how humans work, despite that human beings are neither fully rational, nor always act in their own interest.

In fact, they've often tested the model of rational self interest, and the only group of people whose behavior it predicts fairly well is that of psychopaths

I don't think people are even aware of what their self interest is (nor what any other interest is) so trying to make a predictive model on it would seem to be a crap shoot.

They favor democracy but require dictatorship to be implemented.

By their own reasoning, the majority will always vote for gibsmedats (because self-interest, short time preference). Therefore a libertarian society requires dictatorship to be implemented. But dictatorship is antithetical to libertarianism. Therefore libetarianism is a mere thought experiment, like Plato's republic.

>They favor democracy but require dictatorship to be implemented.

That's because they were actually ultra-traditionalist right-wingers (masquerading as liberals) who called Otto von Hapsburg their emperor even after the Hapsburgs were deposed.

This.

Because humans are stupid monkeys and not robots. They buy overpriced shit just because this shit have brand mark on it. They buy useless shit just because it's Christmas soon. They are unable to remember and analyse terabytes of information. It's just too easy to fool a human.

Trick question: it didn't.

> the majority will always vote for gibsmedats
It just needs to be properly and continually explained that the "gib me dat" mentality is not actually in their interest.

Austrian economics has nothing to do with 'rational' self interest. It's about recognising human action, economics as a subset of social sciences not as something subject to scientific method, as it is based off of logical axioms

This won't work, it's just like this guy says

Keynesians try to learn from normal economies as best they could and always have a safety net on a coyntries gdp. Austrians are pseudoscience memers always talk about how the world SHOULD be.

Austrian economics=/=anarcho-capitalism

Being based on how economists imagine things are supposed to work rather than empirical evidence.

But thats what they actually fucking did, and thats not much different from normal human territorial behavior used by first world countries today

Wow, it sounds remarkably stupid when you explain it that way.

its asd

>only one actual good post in this thread
>get ignored while people pull shitty theories out of their ass

Why?

It's just asserting that human action cannot be measured, for a start people's preferences are ordinal and not cardinally measured uniquely to each person, so mathematical modelling makes no sense

No, it isn't. His point is accurate as far as the point being "humans won't instinctively recognize/ act in ways that completely correspond with what is in their rational self-interest" but that is a problem only of perception and education. People can be thought what is in their self-interest, it just needs to be constantly reinforced until they understand and it is recognized as being self-evident.

When it started existing.

You sound like Aristotle and Plato and the Scholastics, "humans always want what's good for them, they just don't always know what it is, but if we explain it to them". Cute. The problem with this can be summarized in one word: niggers. They didn't know what this was otherwise they wouldn't have said that.

Imagine a humanoid creature with zero time preference and just enough intelligence to deposit a vote for whoever will promise them most gibsmedat every four years. Plato, Aristotle, etc. didn't have to deal with that. Libertarians do, but they most won't admit it's an issue. Libertarian societies could only function in a small white country like Switzerland and even then I have my doubts.

Google mises in rationality
People were a lot smarter than you believe

t.porky

>Though, there is no "right" school of economics, economics isn't exact science after all.

Shut the fuck up. The fact that it can't be measured as accurately as science doesn't mean that there are no right or wrong answers. It just means that it can be harder to find the truth.

>There's no way to prove whether or not God exists so I guess atheists and Christians must both be right!

It's too hypothetical and simplified. It's like if you took the wealth of nations, kept only the part about invisible hands, and removed any mention to real life policy, behaviors or complications. It forgets all too often that economics is about human behavior, and economics is really a form of behavioral science. It's like Freud on steroids.

>They are not subject to verification or falsification on the ground of experience and facts

>. Libertarian societies could only function in a small white country like Switzerland and even then I have my doubts.


It wouldn't even function at all.

>Austrian economics
>An economic theory built ENTIRELY around human action (Its founding principle printed in a book called fucking Human Action"
>"Huurrrr it forgetz eetz aboot hooman behavior!"

>Austrians
>Knowing how to read
>kek

It's like trying to watch someone with severe muscular dystrophy attempting to run.

What point are you even trying to make you retarded autist. You were completely wrong about the most basic principles of Austrian Econ, and when I pointed out you were retarded for this, you have no counter-argument just "Lel austrians". Seriously kill yourself senpai.

In what fucking universe does Austrian economics work? You Austrians are delusional as fuck, your entire philosophy is based around false axioms and what humans should do rather than what they actually do. This practice in cognitive dissonance is why economics as a discipline is held in the same regards as psychology.

Abandoned mathematical rigor and empiricism.

Yeah people smoke and drink and don't exercise and eat shot and don't study during downtime. Lets also not forgot all the unprotected sex, deliberate self harm both emotionally and physically, and other behaviors.

You need to remove the human part to make it work. Its a fantasy.

Its also against my self interest to pay or even allow others to pay for a long term educational program outside of my immediate social circle. I'll be old or dead before seeing any possible benefit when I could be spending that time getting rich from suckers.

>It's like Freud on steroids.
Like Freud, Austrians forget that humans actually exist, are real things. Did you think Freud wrote on dog psychology? Have you read the assumptions Austrians make about what human behavior is? The fact that they think they've accurately described human behavior shows how out of touch they are with actual human behavior. They think human behavior is some kind of abstract a priori shit.

They are wrong on so many levels it's almost impossible to describe

>they're fucking arrogant and annoying
>they don't understand human behaviour, at all
>their policies would effectively put the most impoverished under the boot of robber barons
>they think they're so special their "school" of """thought""" is not subject to the scientific method
>did I mention exploiting kids? yeah, they'd actually have kids start work at 12
>wherever libertarian policies were applied the rich got richer and richer and the poor got fucked

Fuck the Austrians.

NONE of this arguments, and I know you're gonna come back with "Nod an argument" but you two have legitimately failed to present anything even slightly noteworthy of an actual argument. Also, post #2, are you sure that it was Austrian policy implemented and not Chicagoite? There is a huge difference.

You're acting like Austrians assume humans are rationally self-interested. As the poster up here pointed out it's not "Rational" self-interest, I am not even going to claim austrians are right or wrong, you're bending the definition so that you can be right, at the expense of presenting an actual reasonable argument.

It can't be the austrians fault for this however, in practice the overwhelming majority of economist are either of the neoclassical school or Keynesian school based off of hard empiricism, and is grounded more heavily in the scientific method. Your complaints that economics "Treats humans like they will always act in a certain manner" applies to THEM more so than austrians, and I think you just hate economics in general instead of austrianism.

this is it

mainstream econ has taken plenty of principles and ideas and changed them when they don't hold empirically, austrianism just praxxes it out and gets triggered when you suggest they might be wrong due to factual evidence

wtf i hate logic now