Praxeology

To mark Ludwig von Mises's 145th birthday, Bob reviews the contributions that put Mises in the running for greatest economist of all time.

Statistics can be interesting and informative, but only if one can properly understand them through sound economic theory.

Statistics can be interesting and informative, but only if one can properly understand them through sound economic theory.

The beauty of Austrian economics is that it springs from real human action and does not depend upon the construction of abstract mathematical models meant to parallel reality.

Egalitarians mock Adam Smith's invisible hand as free-market superstition, then explain every billionaire with an invisible hand of their own. Joshua Mawhorter on the luck argument for redistribution.

Murray Rothbard wasn't born an Austrian economist. Patrick Newman on how a Columbia-trained mainstream PhD became Mises's heir—in the hundredth year since Rothbard's birth.

The Theory and Method faculty panel takes questions from Mises University students.

Build a model no real market could ever match, call it the ideal, then diagnose every real market as a failure for falling short. Jonathan Newman on the equilibrium trap Mises warned against.

Strip away the mystique and ChatGPT is a next-word predictor with some randomness—the same trick as the spell-checker asking if you meant "dog." Peter Klein on the economics of AI, minus the hype.

Per Bylund takes up Mises's claim that the entrepreneur-promoter cannot be defined praxeologically.