The Austrians have extremely powerful 'empirical' tools even though they approach economics using subjectivism. An excellent example of this is the tool referred to as 'private product remaining.'
"Murray Rothbard addressed the problem of measuring a big government economy with the concept of private product remaining (with producers), or PPR, which basically takes GDP and subtracts from it twice the amount of government spending. Government spending is subtracted once to obtain gross private product and it is subtracted again to account for all the resources that government has siphoned off from the private sector."
What makes these tools (another example is the 'True Money Supply') so powerful is that they are true to the real world which is what makes them empirical!
There is no smoke and mirrors, in contrast to the Keynesians and the empiricists.
The exponents of Austrian economics work within the framework of classical liberalism and use reason and logic to the minutest detail to connect human action to economics and ethics, whereas the exponents of empiricism and Keynesianism make normative interpretations that are nothing more than quackery.
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