eagleseven
Quod Erat Demonstrandum
Not necessarily.☭proletarian☭;2007112 said:'Unite'? Are not they two mutually exclusive things, based on their very natures?
Austrians discount Neoclassical theory because they maintain that mathematics cannot effective describe economic behavior. Neoclassicists discount Austrian theory because the Austrian school cannot be mathematically tested.
Is either view 100% correct? Most definitely not. While the chief economists behind each school of thought were diametrically opposed, nothing is stopping a modern economist from combining the most accurate and useful insights from both schools.
In particular, I am suggesting that we use Neoclassical models as a baseline, and attempt to use the Austrian perspective to explain how reality differs from the models, and adjust the models accordingly. Though sacrilege to the fundamentalists of each school, I believe this to be the future of economics.