Mises Daily
Author:
Adam Knott
Online Publish Date:
One of the most important factors that inhibited the study of praxeology for the last 60 years was Friedrich Hayek’s argument that praxeology is inapplicable to the study of market phenomena. His argument against praxeology (which he called the “Pure Logic of Choice”) is relatively simple. The pure logic of choice, as Hayek understood it, entails