Displaying 1 - 10 of 393

Time Preference and Success: Is There Any Link?

Capital and Interest TheoryPraxeology


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


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



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


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


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



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



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


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



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



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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