Is there such a thing called "Austrian Economics"?

[saaweeet]

Milton Friedman:

"There is no Austrian economics—only good economics, and bad economics."

Can someone please explain to me how this pseudoscience even came about?

Because Curio won't make this thread himself, I've done him the honor. I'm letting him off his leash now... get ready! You'll be stone dead in a moment.

[Stylesjl]

What are the claims of Austrian Economics? What basis do those claims have?

[RichardPrins]

http://en.wikipedia.org/wiki/Austrian_School

[ryanpatgray]

I must disagree with Mr. Friedman. There are schools of economics just as there are schools of psychology. One may disagree with the Freudian school for example but to say it does not exist is absurd. The Austrian School is called such because the founders of the school were - surprise - Austrian. Most Austrian economists today are not Austrian in nationality but the name stuck. The vast majority of Austrians are libertarian. If you would like to learn more about Austrian economics you can visit the Ludwig Von Mises Institute here: http://www.mises.org/