Praxeology

One of the Austrian arguments against using mathematics to model economic phenomena is that there are no constants in economics, as things always are changing.

Life, for man, begins not with breath, but with action. To act, he must own himself. He must be free to choose.

Historical data is not enough for economists to make sense of it. Instead, that data must be viewed through a theoretical framework that explains what has happened.

Economists consider probability to be central to economic analysis, but, as Ludwig von Mises wrote, economic action involves unique and purposeful events, not random ones.

Most economists subscribe to a belief in “positive economics,” which means that economic theory flows from economic data. Thus, all theory can be tested for falsification at any time. Austrian economics, however, begins with economic theory, which is used to interpret the real world.

The Austrian School of economics isn’t a 20th century or even 19th century creation. Instead, Austrian economics is rooted in the logical thought, as developed by Aristotle and Thomas Aquinas.

The Austrian School of economics isn’t a 20th century or even 19th century creation. Instead, Austrian economics is rooted in the logical thought, as developed by Aristotle and Thomas Aquinas.

The Austrian economics framework shows that subjective valuation is not shown to be arbitrary, but rather purposeful, as people place values on things via a means-end framework.

Elon Musk recently claimed that artificial intelligence will make money itself obsolete. He needs to read the literature of Austrian economics.

Elon Musk recently claimed that artificial intelligence will make money itself obsolete. He needs to read the literature of Austrian economics.