I was recently in a room presenting to a group of about thirty. At one point, one of my fellow presenters said, “In my opinion, that is why this area of the country has lost so many jobs.” I held my tongue but couldn’t help but think, “Nobody cares about your so-called economic opinion.” Economics is based on the science of human action. We can, with certainty, deduce certain causes and effects. Your opinion on something is akin to saying, “In my opinion, Pluto is not a planet.” It’s irrelevant.
The Austrian school of economics, characterized by its focus on individual actions and praxeology, tends to view subjective opinions about the economy quite differently than other economic schools. From the Austrian perspective, the emphasis is predominantly placed on individual choice, subjective
Read More »