Praxeology

Murray Rothbard, like other Austrian economists, believed that the heavy use of mathematics in economic analysis damaged economic understanding instead of enhancing it. This wasn’t science, he said; it was “scientism.”

Government economic policies reflect abstract ideas of what agents wish reality were like. Praxeology is not beholden to abstract economic fantasies.

Government economic policies reflect abstract ideas of what agents wish reality were like. Praxeology is not beholden to abstract economic fantasies.

What inspires us about the life of Mises, writes Lew Rockwell, is not his victimhood but his triumph over evil.

The notion that AI can take over an economy is fantasy. A market economy is not made up of competing algorithms but rather sets of prices that lead to discovery.

In a world characterized by genuine uncertainty rather than mechanical predictability, analytic reasoning provides a form of epistemic certainty that empirical observation alone cannot secure.

Professor Joseph Salerno traces how Rothbard's mastery of the praxeological method led him to the controversial but logically airtight conclusion that business cycles have a single, exogenous cause and a single cure.

If economics has its Unicorn, it would be the Giffen Good, the good that would seem to defy the Law of Demand. While economists have played around with Giffen Good scenarios, in reality, finding it is even more unlikely than sighting a unicorn.

In Austrian economics, judgment refers to decision making under uncertainty. Given that we live in a world of uncertainty, all of us use judgment when choosing what actions to perform.

As we continue to celebrate the centennial of the birth of Murray Rothbard, Wanjiru Njoya reminds us that he never compromised his principles and stood for liberty throughout his all-too-brief life.