May I enter the waltz of words here?
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How so? Is not human action guided by the human brain? Is not the human brain made of the same matter as the rest of the universe? Whatever laws apply to the rest of the universe must also apply to the human brain. Thus the social sciences are, and should always remain, a particular application of the natural sciences.
Because (as I understand it and I'm certainly a lesser expert than the fellow Misesians cruising for a bruising) at this point you enter into a giant post hoc ergo propter hoc scenario that you enter into.
In a chem lab you can isolate your variables. Because we added calcium it bubbled. Or whatever. IANAC/IANAP. But in the social sciences we are not dealing with numbers and figures. First of all take the Great Depression. One person says it ended after the US entered WWII. One person says that the WWII statistics are flawed and the Depression didn't
truly end until the post-war period. Whose right? One says once we went to war the depression lessoned, hence we are correct and the other says once we ended the war and cut regulation the depression really ended. Once more which party is correct? Impossible to know with an empiricist epistemology. I wish I had been more concise but I hope you can bear it, old sport.
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The Austrian argument against empiricism in economics amounts to "human behaviour is too difficult to understand scientifically, so let's give up trying."
Why?
merriam-webster.com/dictionary/science
Part of your confusion is that you are viewing the definition of science where science=scientific method vs. science=systematic knowledge. In this sense of the word I don't see why Austrianism is unscientific, just anti-empiricist. I also don't see why everything should inherently be understood by empirical methods rather than by axiomatic-deduction.
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So, what? Those preferences do not come out of thin air, you know. They are not uncaused. Like everything else in the universe, they have causes. With sufficient knowledge of those causes we could predict human preferences, and thus also predict your "subjective value". (all of this assuming you are right about value - which, of course, you are not; but the point is that even if you were right, the scientific method would still be applicable to economics)
What's your favorite color? What's everyone in this forum's favorite color? Be careful to get the right answer-it may effect later patterns and thus change how it is necessary to structure central planning.
Since I already defended a priori economics, I will simply add that empiricism fails in all other social sciences too.
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And they would be worth roughly the same, if Picasso did not sign his painting. You see, a Picasso painting is only valuable because it was painted by Picasso. The exact same painting made by someone else (an exact copy, for example) is worth much, much less. So the difference in price between your painting and Picasso's comes entirely from his signature.
And why is that? Because, in bourgeois society, paintings by famous artists can serve as status symbols. They are a form of conspicuous consumption. But they have to be originals. An exact copy just won't do. And the supply of Picasso originals is limited and can never increase. This artificially limited supply drives the price of a Picasso painting far above its value. You'd see the price drop sharply if everyone suddenly forgot who Picasso was.
I'll ignore some loaded language and cut to the chase. You're admitting that people value originals more and you're admitting that this raises the price. Now, whether you find how other people value things correct or not is beyond me. The point is that because people value a painting by a famous artist (b/c it's a status symbol or whatever) they will pay more for it. Hence, the value of the paintings in question is subjective as is all value. Thanks for the opening, old sport. At least concede STV after that. QED.
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This reveals another problem with Austrian "Economics". An Austrian would be content to observe that people value Picasso originals very highly, far above any exact copies, and would leave it at that. He would not inquire why people have that preference. Austrian Economics fails because, among other things, it takes individual preferences as axiomatic and unchangeable by external means. In reality, preferences can be changed, and often quite easily and without involving the state. But Austrians refuse to accept that some preferences can be morally superior to others, so they have no ethical basis on which to attempt to change people's preferences - not even by voluntary persuasion.
Austrian Economics is value-free, or at least it strives to be. Of course slipping bias in is what happens in all versions of economics. Here you are confusing libertarians, an ethical-political philosophy, with Austrians, a tradition in economics. Whilst there is much overlap for the sake of clarity lets keep them separate.
Austrian Economics deals only with Economics. Period. It does not attempt to say for example, whether its better to have a high or low time preference. It only attempts to elucidate the effects on society of having people with different time preferences that wish to voluntarily associate.
Libertarianism, a philosophy most Austrians support, does hold moral views on these matters. A libertarian would agree for example that a preference not to murder is greater than one to murder. See below for more.
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Or to use a practical example: To an Austrian, there is no moral difference between a billionaire spending his money on a luxury yacht and a billionaire spending his money to feed starving children, so they would not even attempt to persuade the former to be more generous. Even at their most benign, Austrians advocate indifference in the face of overwhelming evil, and for this they are as evil as the monsters they tolerate.
Ay there's the rub: first the leftist proclaims that "we" (psst-some agency that I bet is coercive will probably have to enforce this...)
have the ability and right to both know the factors that effect an individual's choices and valuations and then to pressure this individual to change. Aside from the near impossibility of gathering and updating all that information, there is no moral difference between freedom and criminal control here! Then he proceeds to attack the poor yacht industry.
Let's examine what would happen if his wish was followed through with. No more yachts! What happens next? All the people who make yachts go out of work. All the people who make parts for yachts go out of work. All the people who rely on the transportation for yachts and their employees go out of work or at least lose a lot of money. All the people who mine fiberglass either go out of work or lose a lot of their wages. All the people who had any money in any of these enterprises go out of work. All the people who relied on the patronage of these people lose money or go out of work. So how are you going to feed the children of these people, commissar?
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Oh, and by the way, Picasso was a communist.
Ironic! A communist posthumously shows LTV to be a crock of horse sh*t! Well, if even communists are disagreeing with it...