Praxeology

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.

Philosopher Michael Huemer creates a challenge to the a priori methodology, but David Gordon answers the bell.

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.

Praxeology is the method of economics.

One of the standard doctrines of mainstream economics is that the assumptions of a model do not have to reflect reality. Austrian economics vociferously disagrees.

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.

Some economists have tried to apply psychology to economic analysis, but psychology is not what drives economic activity.

Some economists have tried to apply psychology to economic analysis, but psychology is not what drives economic activity.

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.