A key principle in understanding Austrian economics is seeing the inefficiency of government spending. In an era of overbearing states and reckless fiscal policy, this principle must be emphasized repeatedly. Politicians might claim the best of intentions when dishing out funds for military defense, social welfare, and public works. Their civil servants might try to realize these plans efficiently and thriftily.

During the past few weeks, Donald Trump has been releasing some of his proposals if he were to win the election in 2024. While many of his positions pose great danger to personal liberty, such as his plan to “end crime and keep Americans safe,” his proposals on tariffs are up there in terms of ignorance.

Ludwig von Mises wrote Socialism: An Economic and Sociological Analysis, a small book published in 1922, which demonstrated that economic calculation in a socialist commonwealth is impossible. Of course, Mises assumed that the purpose of an economy, even a socialist one, was supposed to produce goods and services, which determined its success or failure.

The Idaho State House today approved a bill to enable the State Treasurer to protect state funds from inflation and other financial risks by holding some physical gold and and silver.

State representatives voted 40-29 to pass House Bill 180, the Idaho Sound Money Reserves Act, sending the measure introduced by Representative Barbara Ehardt (R-Idaho Falls) and Senator Phil Hart (R-Kellogg) to the Senate for a hearing.

It has been proposed that praxeology has potential not only as the foundation for growing the Austrian school of economics but other sciences as well. The utility of Austrian economics is immense, and similar achievements in other domains would be welcome.

However, it seems like a difficult task, as demonstrated by a recent effort to expand praxeology to psychology. The present article discusses the scope and power of praxeology and the conditions of psychological science.