You may have been down voted for tone, not correctness.

Or both.

Austrian economics has been exposed for its various faults in the academia, a modern decent education will reliably inform one of that.

>> Austrian economics has been exposed for its various faults in the academia, a modern decent education will reliably inform one of that.

.. And this is why I didn't bother with any arguments. I don't have all day to waste on arguing with misguided people.

But here's an idea: an economy consists of people making trades and investments etc. Each trade is affected by each person's current circumstances, ends, means and preferences, or even the mood he's in.

Did his wife die yesterday? Will that affect his behaviour in the market?

Now, the question is: How could you possibly model the behaviour of hundreds of millions of people in their daily lives with any kind of mathematical formulas when everything they do is subjective, and subject to their whims and moods?

Think about that.. and then think about whether Austrian economics has been "exposed" for anything.

You could model behavior of millions of people statistically - the same way we model anything with millions of data points.

Sure, you can look at history, see patterns there, and apply them to whatever's happening in the world right now.

Or, you could make reasonably accurate predictions on what's going to happen, based on your knowledge of how human's behave.

But what you can't do, is put current data through a bunch of mathematical functions, and have them tell you what people will do.