Praxeology

The praxeological method was the basic method of the earlier Austrian school and also of a considerable segment of the older classical school.

It becomes evident from Richard von Mises's fundamental work that mathematical probability theory can never be applicable to economics, or to any other study of human action.

Dr. Joe Salerno and Jeff Deist explore the method of economics.

All human action stems from the value judgments of individuals. Economics, properly understood, was never so foolish as to believe that all that people are after is higher incomes and lower prices.

Humans use action to attain certain ends. But they must choose what actions to take. And choice also requires judgment about the best way to achieve the preferred ends. 

Mises’s unique social theory does not appear to have had any precursors. However, the French liberal Destutt de Tracy, is one author who preceded and shared Mises’s rationalist views on society.

For the positivist, a man is a machine like an automobile, and the positivist denies to his fellow men the faculty of choosing ends and the means to attain these ends.

If reading Human Action is too daunting, read this chapter-by-chapter summary of one of the greatest economic treatises ever written.

Civilization is an achievement of the 'bourgeois' spirit, not of the spirit of war and conquest.

Recorded at Mises University 2018.