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Home | Mises Library | Foundations in Economic Methodologies: The Use of Mathematics by Mainstream Economics and its Methodology by Austrian Economics

Foundations in Economic Methodologies: The Use of Mathematics by Mainstream Economics and its Methodology by Austrian Economics

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Tags Austrian Economics OverviewOther Schools of ThoughtPhilosophy and Methodology

09/05/2005Robert Wutscher

The implicit goal of mainstream methodology is to measure and determine the relations between economic variables. Such a goal presupposes the existence of at least some constant variables making measurement and calculation possible. The implicit goal of Austrian methodology is the derivation of exact or universal laws of human action independent of time and place. Measurability and the existence of constant variables are denied. This paper describes how the content of the objects of reality is shaped or unpacked and used in very different ways by the two methodologies.

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