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As the article stands, it seems no section cannot end without a sentence or paragraph of "what would Rothbard say?" This places undue weight on his views and gives them undue emphasis relative to the other Austrian views and scholars on these subjects. — Preceding unsigned comment added by SPECIFICO (talk • contribs) 16:18, June 6, 2013
I'm sure I've read somewhere that key figures in the development of the Austrian school of economics made a point of writing books and articles with no charts or equations, because they found these methods of presentation inherently misleading.
So, I have three questions for anyone here who cares to answer them:
1) is that accurate? 2) if so, can you cite me a thinker and the book/article in which he made this point? maybe quote me a sentence on the subject? [not a lengthy passage -- if you give me a sentence, I'm sure Mr. Google will help me find more!] 3) most to the point of this Talk Page -- is the issue sufficiently important that it should get a mention in this article? --Christofurio (talk) 15:27, 17 October 2013 (UTC)
Hello, Christofurio. Some Austrians have written books and articles without the use of explicit mathematical models and data. Other Austrians have made extensive use and important contributions in mathematical economics and quantitative empirical research. In response to your question (3) -- I don't think that this issue is important in the abstract, or in general, without reference to the works of individual economists within the Austrian tradition. Some have written explicitly about methodological issues -- Menger, Machlup and Morgenstern, for example, and you might want to begin by reading their words on the subject. SPECIFICOtalk 17:30, 17 October 2013 (UTC)
Thanks. Just an update on my searching: so far the most explicit actual quote I've been able to come up with that might illustrate this issue within Austrian thought comes from P.T. Bauer (who was Austrian-influenced at least even if not strictly one of them!). Bauer said in 1987 that graphs, formulae, etc. contribute to the "disregard or neglect of evident reality” because the use of highly quantitative methods leads to unwarranted concentration on the variables that fit most readily into a formal analysis, and leads to “the neglect of influences which, even when highly pertinent, are not amenable to such treatment.”
“Here there are new clothes, and at times they are haute couture. But all too often there is no emperor within.”
But I'll look to the authors you name for something analogous. --Christofurio (talk) 14:16, 18 October 2013 (UTC)
Hello thanks for that. I think that, as on many topics, there is a diverse set of views within the Austrian School. We have many authors who only write prose and use no formal methods of modeling or presentation. Then at the other end of the spectrum we have Oskar Morgenstern, who collaborated with mathematicians such as John von Neumann and Clive Granger to apply extremely sophisticated mathematical techniques to economic analysis. SPECIFICOtalk 14:27, 18 October 2013 (UTC)
A term that I think should be used more to fully describe Austrian Economics is philosophy. The terms informal logic and deductive reasoning are also relevant. This is core to what distinguishes the methodology of his school from other schools that are deeply influenced by positivism and natural sciences.
In terms of the current content and organization of this article, these aspects of Austrian Economics relate to the individuals affiliated with the Mises Institute rather than to the history of Austrian Economics, its earlier practitioners, or current Austrians of other stripes (as described briefly in the article.) It may be that we ultimately find sources which provide more RS references concerning the Misesian strain as a separate group and which will perhaps provide nomenclature for these neo-Austrians or Misesians as distinguished from the Austrians who are/were more concerned with the larger array of issues economists typically study. SPECIFICOtalk 16:01, 30 March 2014 (UTC)
Business cycles --> Fractional reserve banks not banks
I believe the section on Austrian Business cycle theory should refer to fractional reserve banks, not simply "banks". Austrian economists generally believe the over extension of credit can only occur in a system of fractional, rather than full, reserve banking. This is based on reading of Hans-Hermann Hoppe and Ludwig von Mises. Are there objections to these changes? Colonycat (talk)00:57, 23 April 2014 (UTC)