@til Today I learned that the Austrian School of Economics, on which our current economic models are based, is not itself based on empiricism and in fact argues that it should not be based on empiric studies at all but on thought experiments. https://en.wikipedia.org/wiki/Praxeology#Austrian_economics
That’s wrong.
The current economic model is based on the Keynesian model, popularised by explicit detractors of the Austrian school.