Hayek won a Nobel, yet upon further review his theories have been widely debunked on quantitative grounds, specifically by
Milton Friedman,
Paul Samuelson, and
Paul Krugman. Quotes:
"The Hayek-Mises explanation of the business cycle is contradicted by the evidence. It is, I believe, false." -
Milton Friedman
"I tremble for the reputation of my subject" after reading the "exaggerated claims that used to be made in economics for the power of deduction and a priori reasoning [the Austrian methods]." -
Paul Samuelson
Noted economist Mark Blaug has called Austrian methodologies "so cranky and idiosyncratic that we can only wonder that they have been taken seriously by anyone."
1. Friedman, Milton. "The 'Plucking Model' of Business Fluctuations Revisited". Economic Inquiry: 171–177.
2. Paul Samuelson, Economics, 6th ed. (New York: McGraw-Hill, 1964), p. 736.
3. Mark Blaug, The Methodology of Economics (New York: Cambridge, 1980), p. 93.
When you're dismissed by Friedman and Samuelson, you're just not taken seriously, and it's precisely why Austrians won't be taken seriously until they learn to use econometric models. You dismiss mathematics and empirical study for economics, and this dooms your beliefs to not be taken seriously by anyone of any significance.