@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
Been hearing that for 20 years since the GFC
Hint: if your economic theory makes a prediction but has no time horizon, then it has NO PREDICTIVE POWER
Edit: retroactive price predictions, be they in gold bitcoin or beanie babies, also is spectacularly unimpressive for an economic theory