For me, the major idea that the Austrians bring to the table is that the study of economics is not a science and never can be. Attempts to create and support models by quantitive analysis of data are flawed because human economies are so astronomically complex that it's impossible to isolate variables, and therefore impossible to design valid economic experiments or draw sound conclusions from economic data.
There are many parallels to algorithms analysis. If we want to know how fast an algorithm runs, our approach isn't to try to run it on every processor in existence and compare the results. Instead we break down the algorithm logically to deduce its theoretical running time.
Austrian economics--in its good parts anyway--is an attempt to build a framework for economics that is more like the asymptotic analysis of algorithms. But this very compelling goal is frequently derailed by politics and polemics.
There are many parallels to algorithms analysis. If we want to know how fast an algorithm runs, our approach isn't to try to run it on every processor in existence and compare the results. Instead we break down the algorithm logically to deduce its theoretical running time.
Austrian economics--in its good parts anyway--is an attempt to build a framework for economics that is more like the asymptotic analysis of algorithms. But this very compelling goal is frequently derailed by politics and polemics.