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History of the Austrian School of EconomicsPraxeologyValue and Exchange
With his Principles of Economics Carl Menger not only laid the foundation for the Austrian school itself but for its continuing development to this day.
Philosophy and MethodologyPraxeology
Mises defends praxeology using philosophical minimalism, that is, by sticking to the core fact that people act and make choices.
Human action cannot be analyzed in the same way that one would analyze objects. These quantitative methods do not improve our knowledge of the driving causes in economics.
If you say to someone that he won’t get what he is aiming for by using the means he has chosen, you aren’t making a value judgment yourself. You are making a strictly scientific statement.
It is through action that our subjective valuations become measurable in objective reality. This is why the action axiom is an irreplaceable launch pad for economic thinking.
History of the Austrian School of EconomicsPhilosophy and MethodologyPraxeology
Providing the opening for Mises’s great methodological work gave Rothbard the opportunity to set down his perspective on the importance of the praxeological method.
Mises's Human Action is essential reading for any aspiring economist. But there can also be some pitfalls if we read it too casually.
Calculation and KnowledgePhilosophy and MethodologyPraxeology
If time preference is genetically built into humans, are they double discounting future goods? Does this mean people should stop trying to weigh time in their calculations?
It isn’t a good argument against Austrian economics that someone might come up with a science that made better predictions. You have to show us the science, so that it can be compared with praxeology. Suffice it to say that this hasn’t been done.
Human beings do not exist to be pawns in a game of lockdowns and collective action.