which means economic theory

Austrians cannot and do not go beyond what can be derived logically, which means economic theory remains true, but also cannot be used to explain specific phenomena in detail or predict precise outcome magnitudes (such as “measured price inflation next year will be 4.6 percent”). Austrians do predict, but only using established causal relationships. Austrian theory disallows predictions that are quantitative or state exact times The Meaning of Money As Austrian economics is theory and deductive, definitions must be clear, concise, and used consistently. It also means some phenomena that we rely on in everyday interactions that are quantitative in nature do not have unambiguous definitions. “Money” is such a concept, which is defined as that medium of exchange สล็อต