The Financial and Economic Crisis and the Aberrance of Economics
AbstractPositivism-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 InfoArticle provided by Credit and Capital Markets in its journal Credit and Capital Markets.
Volume (Year): 46 (2013)
Issue (Month): 2 ()
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Web page: http://www.credit-and-capital-markets.de/
Methodology; Positivism; empiricism; falsificationism; Austrian economics;
Find related papers by JEL classification:
- A2 - General Economics and Teaching - - Economic Education and Teaching of Economics
- B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
- B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
- B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
- C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General
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