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Heuristics, Economic Rationality and the Austrian School

Heuristics , procedures or rules that show how humans think, when you make constructs , who according to Mario Bunge (1973) are observational concepts not exceeding empirical observation and expressed in theoretical assumptions.

The economists claim in this sense, building a model that represents the rules of thought that consumers follow when make choices that allow us to make economic decisions. To Oscar Lange , man's rational decisions, seek to maximize the distribution of resources among their needs, but rationally, and so businesses, maximize profits equally.
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economic science, by its nature multicausal and multifactorial, difficult the measurement procedures that must be evaluated to get an approximation efficient, however, econometric methods based on theoretical hypotheses are very close to model the behavior behavioral of being economical. For behavioral economists , decisions are relatively rational and indicated Herbert Simon in their definitions of administrative behavior (regarding its Doctoral Thesis and basis for award with Nobel in 1978); fact that after was popularized by Daniel Kahneman and Amos Tversky . No But these assumptions are discussed by specialists in the psychology of behavior human and economic decisions Dr . Gerd Gigerenzer , whose opinion on limited rationality casts doubt on this, because heuristic procedures should lead to an optimal choice, which does not occur with the hypothesis of rational limited where the heuristics in the best leads to conditions sub-optimal in the decision making process, in contravention consumer theory, because they are different from the rules formal logic and probability theories .

In fact, the heuristics in the social sciences are much more complex than procedures formal logic of science, as an example, consider the case of methodological individualist of the Austrian school (or also known as Vienna school), offering the historicism as a basis of economic theory, represent the beginning of the action as part of economic theory, individualistic base obviously is the best framework for economic policy neoliberal today, but without the sense of statistics and experimental economics, which the followers of this school reject. The Dr . Roy . E. Cordata, suggests that the static efficiency calculations deductible mathematical optimization, are a myth (according to Rothbard ), compared to a dynamic economy that seeks balance in a dynamic environment, another member of this school as R. Murray Rothbard believes that static efficiency, requires conditions that only apply to theoretical models that they say little of a changing reality and says that only the ethical principles serve as a criterion of efficiency in decision-making process.

As we can see here the heuristic in this theoretical concept is not focused on an assessment probabilistic causal phenomena, but also the conception of a construct observational not, but based on its methodology historicist.

In economics as in other sciences, all is finally said, in the present circumstances where the crisis calls neo-Keynesian positions governments of developed countries, whose frames have disregulatories brought down to financial and banking institutions, however the application of the concepts emerging from the Austrian school, which seeks the freedom of action of the entrepreneur and the venture factor of economic growth as economic agents in local markets.