Reply To: Methodology: Austrian School vs. Neoclassical/Chicago School


I think that you and Westman are taking past each other. Misesians and Neoclassicals use the phrase “economic theory” to refer to two different bodies of knowledge. But, Westman seems to be assuming that Misesians are attempting to discover the same body of knowledge that the Neoclassical economists are attempting to discover, namely, underlying relationships that can be tested empirically by their implications. Instead, Misesians are trying to discover what is universally true about human action. Recognizing this helps clarify the issues at stake in the debate.