Modern neoclassical economics is based upon the physical sciences, which Austrian economists recognize is an inappropriate way to explain economic phenomena. Ludwig von Mises recognized this fraudulence, calling it “scientism.”
Category:
Politics
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Accreditation in higher education began as a private effort to identify academic quality. Then the federal government took over the process and demanded that accreditation be based upon political standards.
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Nominalist ideas influenced the scientific revolution, shaping its departure from metaphysics, its mechanistic perspective, and the mathematization of all sciences. This paradigm has brought about some errors in economic thinking.