Austrians believe that modeling for purposes of prediction is fruitless.
So if someone does successfully make a prediction about human behaviour, for example that a price increase will reduce sales, that falsifies the entire edifice of Austrian economics?
That is not an economic model or prediction of utility for the purpose. It will remain to be understood what happens to all other prices and production when this single adjustment is made. In addition, the question arises why the price is being adjusted. For example, what decisions were made and what conditions changed, either actually or by way of changes in understanding, which caused the prices to change?
Besides, your example is in reference to the law of supply and demand.
So if someone does successfully make a prediction about human behaviour, for example that a price increase will reduce sales, that falsifies the entire edifice of Austrian economics?
That is not an economic model or prediction of utility for the purpose. It will remain to be understood what happens to all other prices and production when this single adjustment is made. In addition, the question arises why the price is being adjusted. For example, what decisions were made and what conditions changed, either actually or by way of changes in understanding, which caused the prices to change?
Besides, your example is in reference to the law of supply and demand.