The Human Action Podcast

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Praxeology and the Method of Economics

  • The Human Action Podcast

Tags Philosophy and MethodologyPraxeology

04/29/2019Jeff DeistJoseph T. Salerno

Dr. Joe Salerno joins Jeff Deist to explore another foundational topic: the method of economics. Mises developed praxeology, perhaps his most controversial contribution to economic science. Praxeology starts with fundamental axioms, then derives economic theory by working logically through a deductive process. As such, praxeology is at odds with logical positivism and empiricism—and presents a markedly different approach to economics.

Readings

Ludwig von Mises, The Ultimate Foundation of Economic Science

Ludwig von Mises, Human Action, Part One, Chapter II: "The Epistemological Problems of the Sciences of Human Action"

Murray Rothbard, "In Defense of Extreme Apriorism"

Hans-Hermann Hoppe, Economic Science and the Austrian Method

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Authors:

Contact Jeff Deist

Jeff Deist is president of the Mises Institute. He previously worked as chief of staff to Congressman Ron Paul, and as an attorney for private equity clients. Contact: email; Twitter.

Contact Joseph T. Salerno

Joseph Salerno is academic vice president of the Mises Institute, professor emeritus of economics at Pace University, and editor of the Quarterly Journal of Austrian Economics.

 
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