Please share your opinions and insight.
Its theories are a science, being a body of systematically formulated knowledge. Whether or not a particular theory is applicable is a matter of interpretation (hermeneutic) and more of an art.
Freedom of markets is positively correlated with the degree of evolution in any society...
It sure is not art. That would be venturing terribly far from the meaning of the word.
Theophilus: Please share your opinions and insight.
Austrian Economics [as I understand it] asserts that there are certain general principles that are provable, which means it's a science.
Applying the principles correctly in a particular complicated situation, such as the US economy at any given time, is a great art. Thus in 2005 some Austrian economists said the econmy might be doing just fine, they weren't sure, while others said it's clearly headed off a cliff.
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It's easy to refute an argument if you first misrepresent it. William Keizer