Praxeology

Displaying 1 - 10 of 393

Time Preference and Success: Is There Any Link?

Capital and Interest TheoryPraxeology

Blog04/24/2023

Austrian economists have long emphasized the importance of time preference in determination of interest rates and the direction of the economy. Here is more evidence of why that is true.

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Understanding the Difference between Praxeology and Psychology

Philosophy and MethodologyPraxeology

Blog03/30/2023

Some economists have tried to apply psychology to economic analysis, but psychology is not what drives economic activity.

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The Phillips Curve Is an Economic Fable

InflationPraxeology

Blog03/13/2023

Keynesians and fellow travelers hold the Phillips curve to be sacrosanct. But because the Phillips curve cannot establish causality, it is useless as economic theory.

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Saint Augustine, Proto-Austrian

History of the Austrian School of EconomicsPraxeology

Blog02/23/2023

One of the fundamental tenets of Austrian economics is the ordinal value scale. Augustine articulated the idea more than a thousand years before Carl Menger wrote his pathbreaking Principles of Economics.

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Will AI Learn to Become a Better Entrepreneur than You?

The EntrepreneurEntrepreneurshipPraxeology

Blog02/16/2023

While artificial intelligence has its merits, it still cannot perform the job of the Misesian entrepreneur. That is a good thing.

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Behavioral Economics Challenges the Rationality of Consumer Choices

Praxeology

Blog12/29/2022

While behavioral economics claims to be an effective way of measuring individual economic behavior, it actually sets back authentic economic analysis.

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Objection, Professor Harari! Logic Proves the Existence of Free Will

PhilosophyPraxeology

Blog12/27/2022

Yuval Noah Harari, who teaches history at Hebrew University in Jerusalem, denies that free will exists. However, to deny free will is to deny human action itself.

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Facts and Data Have No Meaning without a Theory to Explain Them

Capital and Interest TheoryPraxeology

Blog11/04/2022

Mainstream economists claim that data alone can explain economic actions. Austrians know that without theory, data explains nothing.

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Misunderstanding Mises, Again

SocialismPraxeology

Blog11/02/2022

After praising Mises for his work on socialism, Tyler Cowen goes on to claim Human Action is "cranky and dogmatic." "Brilliant and insightful" would have been more truthful.

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Law, Praxeology, and Unintended Moral Decay

LawPraxeology

Blog10/25/2022

Murray Rothbard understood that law can be a moral force only insofar as those living under the law reflect their own moral judgments.

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