Praxeology

The field of behavior economics downplays the role of purposeful praxeology in economics. Austrian economics does not make that error.

Much of modern neoclassical economic theory depends upon assumptions that do not reflect real world conditions. Austrian economists, however, know that realistic assumptions matter.

Subjective valuation, which is at the heart of Austrian economic thinking, is not the same thing as someone's opinion.

Popular economic thinking holds that consumer spending is the most important driver of the economy. Actually, demand can’t exist without something first being supplied.

Much of modern neoclassical economic theory depends upon assumptions that do not reflect real world conditions. Austrian economists, however, know that realistic assumptions matter.

While F.A. Hayek is known for his term “spontaneous order,” Mises saw institutional development as coming from growth in human understanding of things.

While F.A. Hayek is known for his term “spontaneous order,” Mises saw institutional development as coming from growth in human understanding of things.

Economic calculation is not an either-or proposition. Even in so-called market economies like that of the USA, there is plenty of government intervention that distorts market processes.

The simplest action of economics—beneficially mutual voluntary exchange—is also its most profound. People serve each other while improving their own lot in life.

Economic calculation is not an either-or proposition. Even in so-called market economies like that of the USA, there is plenty of government intervention that distorts market processes.