Praxeology

Did scarcity begin with Adam and Eve in the Garden of Eden? Or were human beings and their surroundings already bound by time and space before they ate the forbidden fruit?

Behavioral economics operates on the assumption that human emotions play an important role in determining economic choices. However, while all of us have emotions, we ultimately use reason to determine what we need to sustain our lives.

Indeed, if we look at the failure of the welfare state, the persistence of the business cycle, runaway inflation, and out-of-control debt, we'll see that each is addressed and predicted in 'Human Action.' 

How do we best understand economics? Per Bylund explains in the introduction to his Chinese version of his book, How to Think about the Economy: A Primer. Economic understanding is now exported to a country with more than a billion people.

Once in a great while, a book appears that both embodies and dramatically extends centuries of accumulated wisdom in a particular discipline, and, at the same time, radically challenges the intellectual and political consensus of the day. 

While Ludwig von Mises and Karl Popper disagreed on methodology, but Brian Gladish believes that perhaps their viewpoints were not as divergent as their followers suggest.

If one looks at the catastrophic consequences of the great paper-money inflations, one must admit that the cost of making and holding gold is the minor evil. It would be futile to retort that these catastrophes were brought about because the regime merely used fiat money improperly. 

The Rothbard Graduate Seminar (RGS) provides an opportunity to learn about Austrian economics at a high level.

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

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.