The Elusive Empirics of Austrian Capital Theory

Abstract

This chapter uses Austrian capital theory to illustrate why empirical work can be elusive in typical Austrian themes. It explores the nature of the problem and different alternative solutions to empirical challenges. This chapter also discusses the Austrian literature’s epistemological approach to empirical work to shed light on the controversial relationship between Austrian theory and empirical testing. Finally, this chapter offers examples of how Austrian and mainstream economics can find a common empirical ground.

Citation

Cachanosky, N. (2022), "The Elusive Empirics of Austrian Capital Theory", D'Amico, D.J. and Martin, A.G. (Ed.) Contemporary Methods and Austrian Economics (Advances in Austrian Economics, Vol. 26), Emerald Publishing Limited, Leeds, pp. 135-149. https://doi.org/10.1108/S1529-213420220000026010