Thursday, September 6, 2012

Steve Horwitz on Empirical Austrian Economics

He has a good essay on it at Cato Unbound here. I agree with his take on it, and I'd just highlight two things:

1. There are a lot of Austrians who are more fundamentalist in their a priorism. Steve has the right take on it, I think, but that doesn't mean they all agree with Steve. For this reason you certainly don't see as much Austrian econometricians out there, which I think reinforces this stereotype. That's just an institutional and historical fact that needs to be recognized. The very fact that Steve has to speak to this question demonstrates that it's a real issue. But one shouldn't hold that against "Austrian economics" in the abstract.

2. One interesting omission from his useful and varied list of papers on empirical Austrian economics was a lot of the business cycle literature! I've talked about many of these papers on here before, but that literature is growing as well.

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