Praxeology

Mainstream economists believe that economic theory is valid when it “predicts” economic actions or trends. Austrian economists, however, say that the purpose of economic theory is to explain economic events.

Economists use time preference to explain the existence of interest, but the ability of people to postpone some present consumption in order to save for the future has much broader social ramifications. 

Economists use time preference to explain the existence of interest, but the ability of people to postpone some present consumption in order to save for the future has much broader social ramifications. 

Mainstream economists believe that economic theory is valid when it “predicts” economic actions or trends. Austrian economists, however, say that the purpose of economic theory is to explain economic events.

Henry Hazlitt's The Failure of the New Economics remains the best criticism of J.M. Keynes's General Theory.

Zachary Yost reviewed John Mearsheimer and Sebastian Rosato's recent book How States Think: The Rationality of Foreign Policy. While the book is an excellent source of historical reflection, there are grounds to criticize its epistemology on Misesian grounds. 

Postmodern and Marxist "scholars" claim that private property simply is a social construct that is a product of white racism. Austrians reply that private property comes from natural rights, not vague social decrees.

Henry Hazlitt's The Failure of the New Economics remains the best criticism of J.M. Keynes's General Theory.

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.