Volume 7, No. 4 (Winter 2004)
The praxeological method is an efficacious way to investigate the fundamental theoretical questions at the heart of any study of human endeavor. Unfortunately, however, Austrian economists have often erred in portraying the method as subjective and nonempirical. It is neither. It is rooted in empirical reality and concentrates on valuations that are relational and objective. For some Austrians those distinctions are, more than anything else, just semantic differences. For another branch of the Austrian School, they represent significant conceptual differences, and result in a departure from the foundational work of Carl Menger.
