Praxeology

With his Principles of Economics Carl Menger not only laid the foundation for the Austrian school itself but for its continuing development to this day.

Mises defends praxeology using philosophical minimalism, that is, by sticking to the core fact that people act and make choices.

Human action cannot be analyzed in the same way that one would analyze objects. These quantitative methods do not improve our knowledge of the driving causes in economics.

Human action cannot be analyzed in the same way that one would analyze objects. These quantitative methods do not improve our knowledge of the driving causes in economics.

If you say to someone that he won’t get what he is aiming for by using the means he has chosen, you aren’t making a value judgment yourself. You are making a strictly scientific statement. 

Dr. Bylund and Jeff Deist discuss Covid and government responses against the backdrop of ripple effects, Say's law, "market failure," and the inability of bureaucrats to make rational tradeoffs.

During the boom phase of the business cycle, the economy shifts to a more risky position as the result of entrepreneurs’ profit targeting. The duration can be used to quantify this risk and to determine the discount rate for calculating the project's present value.

It is through action that our subjective valuations become measurable in objective reality. This is why the action axiom is an irreplaceable launch pad for economic thinking.

George Reisman talks with Bob Murphy and shares anecdotes about his experiences with Mises and Rand.

Beyond being incompatible with natural rights and detrimental to the dissemination of innovations, the concept of intellectual property is a praxeological impossibility.