Abstract

The Austrian School seems to remain outside the debate on the realism of economic models. In principle, given the association of the term “model” with the Chicago School, and also for understanding that Hayek had critized the model of perfect competition as unrealistic. Even though in previous opportunities we showed how the theory of market as a process could be understood as the model of the Austrian School, and that Hayek’s criticism to the model of perfect competition was not so much of unrealistic, but that it was wrongly stated (Zanotti & Borella, 2015), and we developed the ontological foundation of the model in Hayek’s thought (Borella, 2019), in this paper we will show how it is posible to compare pattern predictions with models, and how in this sense, the Austrian School, also seems to get near, even without sufficiently noticing it, to the discussion on models in economics and their realism. Keywords: Realism of models- Hayek- pattern predictions-models