system
Given the following post, respond as if you're commenting on Reddit:
human
What are your biggest problems with the Austrian School of Economics and why are they largely discredited now?

Title says it all. I'm curious as to why they have been sort of the butt of a lot of jokes it seems with many. Additionally, I'm also curious to see others thoughts on Anarcho-Capitalism and figures like Hoppe. Thank you!
gpt
There is nothing fundamentally wrong with old Austrian economists. They are simply outdated. 

Hayek and Von Mises did most of their work before we had four things that we have these days: tons of data (including laboratory and field experiments), modern statistical methods to analyze observational data (e.g., instrumental variables to establish causality), computers to actually solve our models (the first quantitative dynamic general equilibrium tour model was solved in the 1980s), game theory and information theory to write formal models. 

These new tools have greatly transformed economics from armchair philosophy to a more scientific discipline. Almost every single pre-WW2 economist is completely outdated. 

The problem with modern day Austrians is that most of them are not scientists trying to understand how the world works. Most modern day Austrians are paid by partisan groups like CATO or Mises to advocate libertarian policies. There are some exceptions. There is a handful of economists that do actual research and have Austrian ideas, but none of them is particularly renowned or influential in the academic world. They are only influential in the policy world because libertarian politicians use them to support their policies.