I ask because I've seen this claim made about Austrian economics lots and lots, but haven't seen anything telling a consistent story -- just a lot of "it's coming, keep waiting".
Seriously interested in seeing these claims either supported by a real world narrative.
Most people that make predictions and call themselves Austrians are IMO in the business of selling something. Mises, who was perhaps the most influential Austrian economist, instead took the tack of demonstrating that if you wanted X that Y either would lead to it or would not lead to it (eg minimum price laws on supply of a good). He was against making value judgments and emphatically argued that they had no place in economics as a science. He also was against economics being construed as a science capable of making predictions about eg the macroeconomy. Modeling in general Austrians consider a fool's errand.
If Austrians cannot give one an idea of, for example, what the outcome of QE would be, then what is the value of this school of thought? Does that not make it merely an interesting abstract theory with no practical real-world applications?
I ask because I've seen this claim made about Austrian economics lots and lots, but haven't seen anything telling a consistent story -- just a lot of "it's coming, keep waiting".
Seriously interested in seeing these claims either supported by a real world narrative.