Praxeology

Understanding economics is the key to preserving civilization. This is because civilization itself is a consequence of choices.

Human action involves people engaging in unique events in which outcomes often are uncertain, when expertise and planning often do not give us the results we anticipate.

Human action involves people engaging in unique events in which outcomes often are uncertain, when expertise and planning often do not give us the results we anticipate.

Austrian economists insist one cannot use the methodology of the physical sciences to explain economic phenomena. In this week’s Friday Philosophy, Dr. David Gordon examines Peter Winch, who criticized using methodology of the physical sciences to explain social sciences.

Like so many intellectuals, Hilary Putnam is a good philosopher but a poor judge of good economics. In this week’s Friday Philosophy, Dr. David Gordon dissects Putnam’s confusion between facts and values.

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.