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The Financial and Economic Crisis and the Aberrance of Economics


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  • Thorsten Polleit

    (Frankfurt School of Finance & Management, Sonnemannstraße 9–11, 60314 Frankfurt am Main)

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    Positivism-empiricism-falsificationism has become the ‘state-of-the-art’ methodology of economics. In this article it will be argued that this approach (1) suffers from (logical) deficiencies when applied to the science of human action and (2) has helped legitimizing, and putting into practice, policies that have actually contributed greatly to bringing about the latest financial and economic crisis. The ‘Austrian’, or to be more precise: the ‘Misesian’, method (praxeology) will be outlined as the proper methodology in the field of social science.

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    Bibliographic Info

    Article provided by Credit and Capital Markets in its journal Credit and Capital Markets.

    Volume (Year): 46 (2013)
    Issue (Month): 2 ()
    Pages: 233-246

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    Handle: RePEc:kuk:journl:v:46:y:2013:i:2:p:233-246

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    Related research

    Keywords: Methodology; Positivism; empiricism; falsificationism; Austrian economics;

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