Here are corrections: “Austrian economics is not empirical.” False. The Austrian economic calculation arguments must result in communism because they assume that their is a objective universal proper use of resources. If people want to dismiss this school of thought, which many seem inclined to do for political (not theoretical) reasons, at least they should do so based on facts and knowledge, not on falsehoods. Modern Monetary Theory (MMT) is a hip economic/financial paradigm apparently sweeping a world unsatisfied with mainstream economics. I just spent the last couple of hours reading through all of it. Here are corrections: Debunking Seven Common Criticisms of Austrian Economics 0 Let's clear up some misconceptions about Austrian economics.If people want to dismiss this school of thought, which many seem inclined to do for political (not theoretical) reasons, at least they should do … Similar to the previous misconception, this statement evaluates Austrian theory using a different definition of theory. If people want to dismiss this school of thought, which many seem inclined to do for political (not theoretical) reasons, at least the Leave a Comment Cancel reply. Let's clear up some misconceptions about Austrian economics. If people want to dismiss this school of thought, which many seem inclined to do for political (not theoretical) reasons, at least they should do so based on facts and knowledge, not on falsehoods. Debunking Seven Common Criticisms of Austrian Economics. Filed Under: 2016 Race, Austrian Economics. Austrian economics continues the economic reasoning tradition from classical economics but adds the marginalist analysis and value subjectivity of Carl Menger. Let’s clear up some misconceptions about Austrian economics. If people want to dismiss this school of thought, which many seem inclined to do for political (not theoretical) reasons, at least they should do so based on facts and knowledge, not on falsehoods. Let’s clear up some misconceptions about Austrian economics. Debunking Seven Common Criticisms of Austrian Economics . This … View entire discussion ( 151 comments) 0. Let's clear up some misconceptions about Austrian economics. November 25, 2020 by Mises Institute. Economics was (and properly is) a deductive science. I, on the other hand like all rational beings, reject absolute apriori ideas about relative concepts such "resources" and their efficient uses. Thanks for this. 2) Austrian Business Cycle Theory Misunderstands Endogenous Money. “Austrian economic theory cannot explain phenomena in the real world.” False. “Austrian economics is an idiosyncratic take on economics.” False. 9 years ago. Let’s clear up some misconceptions about Austrian economics. Over the past year, I have been hearing a growing number of people refer to MMT: either fans who think it blows up my Austrian views, or foes who think it deserves a full-scale critique.