Praxeology

Israel Kirzner's new book on Mises is a welcome addition to any economics library, writes Joseph Stromberg. It is remarkable how much the author accomplishes in this short work.

In a free market, it is wholly unwarranted. Brad Edmonds considers three cases.

Despite the many illustrious forerunners in its six-hundred year prehistory, Carl Menger (1840-1921) was the true and sole founder of the Austrian school of economics proper. He merits this title if for no other reason than that he created the system of value and price theory that constitutes the core of Austrian economic theory. But Menger did more than this: he also originated and consistently applied the correct, praxeological method for pursuing theoretical research in economics. Thus in its method and core theory, Austrian economics always was and will forever remain Mengerian economics.

J.B. Say deserves to be remembered, especially by Austrian economists, as a pivotal figure in the history of economic thought. Yet, one finds him discussed very briefly, if at all. In fact, even Austrians have devoted little attention to Say's contributions.

Several new papers on Mises exhibit fundamental misunderstandings of key points of Mises's  epistemology, starting with a paper by experimental economist Vernon Smith.

How statism pollutes our language in ways we don't always recognize. This is Walter Block's third essay in a great series on this topic.  

Reich, Gore, and McCain warn that keeping more wealth in private hands would threaten prosperity. This claim is absurd. 

In a display of amazing ignorance or brazen political grandstanding, he strode up to a gas station and berated the owner for charging too high a price.

Higher prices have unleashed a torrent of economic fallacy, from boycotts on gas stations to agitations for price controls. Paul Cwik responds.

Peace and market exchange are inseparable.