Praxeología

Strip away the mystique and ChatGPT is a next-word predictor with some randomness—the same trick as the spell-checker asking if you meant "dog." Peter Klein on the economics of AI, minus the hype.

Murray Rothbard wasn't born an Austrian economist. Patrick Newman on how a Columbia-trained mainstream PhD became Mises's heir—in the hundredth year since Rothbard's birth.

No graphs, no data, no experiments—just logic. David Gordon on how Austrian economists reason from a single starting point: humans act.
 

Tate Fegley uses Joseph Salerno's work to draw out the fundamental differences between Mises and Hayek arguing that treating the two as interchangeable obscures the distinctly Misesian paradigm.

Build a model no real market could ever match, call it the ideal, then diagnose every real market as a failure for falling short. Jonathan Newman on the equilibrium trap Mises warned against.

Egalitarians mock Adam Smith's invisible hand as free-market superstition, then explain every billionaire with an invisible hand of their own. Joshua Mawhorter on the luck argument for redistribution.

Marx said your logic depends on your class. The Nazis said it depends on your race. Mises had a name for that idea, and an answer to it. Wanjiru Njoya applies it to how we argue about race today.

Per Bylund takes up Mises's claim that the entrepreneur-promoter cannot be defined praxeologically.

The Theory and Method faculty panel takes questions from Mises University students.

Los socialistas desprecian la libertad individual porque creen que permitir a los seres humanos tomar decisiones libres supuestamente conduce a un comportamiento egoísta y antisocial. Sin embargo, al negar la elección individual, los socialistas están negando la acción humana en sí misma.