Austrian Economics, the economic model of engineers
We run a survey in reddit about the academic background of AE advocates. We organized the backgrounds as described in this web page and the result is shown below. Despite being a minority, engineers are, unsurprisingl, the group with more AE advocates.
| Academic Background | Votes | Percent |
|---|---|---|
| Professions (engineers, architects) | 6 | 33% |
| Economists | 4 | 22% |
| Formal Sciences (CS, maths, stats) | 3 | 16.6% |
| Natural Sciences (physics, chemistry, biology, earth, space) | 2 | 11% |
| Social Sciences (exEconomists) (politics, geography, psychology) | 1 | 5.5% |
| Humanities (history, religion, philosophy) | 2 | 11% |
Despite there are not enough votes, the result could be inferred beforehand and the reason is 'methodology'. Engineers have been trained in rational deductive methods and are prevented about using scientific methods because it inherits the problems of empirisicm. On the other hand, empiricists and science practicioners typically are more prone to believe in Keyness ideas.
In fact, metholodogy was the main topic that distinguish AE from other Schools of Economic Thought. AE authors, e.g. Hayek, wrote broadly on methodology. Also Keynesians as Milton Friedman wrote on methodology.
Hayek accused to Milton Friedman of being a Keynesian.
Methodology was at the center of the debate between Austrians and Keynesians.