Methodology of the Austrian School of Economics from the perspective of Georg Henrik von Wright’s philosophy of science

Isaic Radu ()
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Isaic Radu: Bucharest University of Economic Studies, Bucharest, Romania

Proceedings of the International Conference on Business Excellence, 2021, vol. 15, issue 1, 1010-1026

Abstract: Through this article we will try to get into the way of thinking of one of the most important economic schools, namely the Austrian School. Over time, many mistakes have been made by various economic schools because the fundamentals of thinking were not clear or the concepts used were not properly defined. Here we will try to clarify the foundation in general of the socio-human sciences and in particular of the mentioned school. Building theories or opinions on a fragile foundation will certainly give rise to a friable architecture. Among the various philosophers who have approached science, we believe that von Wight has a direct and clear approach to the type of human social thinking. From the information we have we do not know an approach similar to this article. The Austrian School has hitherto been understood as a methodology from the perspective of Aristotelianism. The question is whether a new perspective can make more sense. The methodology of presenting the article is narrative argumentation. The questions we try to answer in the conclusions are those related to understanding the present moment and discerning the future moment through the fog. The conclusions will be critical regarding the use of mathematics in the socio-human sciences, and the socio-human sciences must be understood only from the perspective of human motivations and intentions. Clarifying the starting point in economic thinking makes us more modest in drawing conclusions and making predictions about the future.

Keywords: Austrian School; methodological monism; methodological dualism; explanation - causal; understanding - intentional (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:poicbe:v:15:y:2021:i:1:p:1010-1026:n:16

DOI: 10.2478/picbe-2021-0096

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