I now turn to a group of economists known as the Austrians. They form a distinctive paradigm not only for their economic theories, but also for the prominence they have generally given to questions of economic methodology. We shall see that they fall very much into the deductivist strand of methodologists, outlined in Chapter 1. Indeed, many of them openly refer to Jean-Baptiste Say, Nassau Senior, John Elliot Cairnes as important precursors. They have also tended to be highly critical of falsificationist, positivist and instrumentalist methodologies within economics. With increasing doubts being raised over the slavish transference of such methodologies to economics, added to the general revival of interest in economic methodology, it is not surprising that the Austrians’ approach has recently received more attention.
KeywordsMoney Supply Frequency Theory Mathematical Economic Methodological Individualism Quantitative Work
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