Economics Needs a New Methodenstreit Based on Austrian Methodology
Per Bylund has called for a new Methodenstreit in economics. He’s referring to the late-nineteenth-century debate between Carl Menger, representing the newly dubbed “Austrian School,” and Gustav Schmoller, representing the German Historical School. The Historicists derided Menger’s causal realism, in which the laws of economics are derived from the fundamental character of human choice.