Praxeology

Much of modern neoclassical economic theory depends upon assumptions that do not reflect real world conditions. Austrian economists, however, know that realistic assumptions matter.

While F.A. Hayek is known for his term “spontaneous order,” Mises saw institutional development as coming from growth in human understanding of things.

While F.A. Hayek is known for his term “spontaneous order,” Mises saw institutional development as coming from growth in human understanding of things.

Economic calculation is not an either-or proposition. Even in so-called market economies like that of the USA, there is plenty of government intervention that distorts market processes.

The simplest action of economics—beneficially mutual voluntary exchange—is also its most profound. People serve each other while improving their own lot in life.

Economic calculation is not an either-or proposition. Even in so-called market economies like that of the USA, there is plenty of government intervention that distorts market processes.

Philosopher Michael Huemer creates a challenge to the a priori methodology, but David Gordon answers the bell.

The simplest action of economics—beneficially mutual voluntary exchange—is also its most profound. People serve each other while improving their own lot in life.

Praxeology is the method of economics.

One of the standard doctrines of mainstream economics is that the assumptions of a model do not have to reflect reality. Austrian economics vociferously disagrees.