Search Results for "Praxeology"

Hayek’s Real Thoughts On Praxeology

In the introduction to Mises’s autobiography Memoirs, FA Hayek denotes Mises’s “a priori character of economic theory” an “exaggeration” that the latter was “driven to” because other economics scholars did not accept the Misesian argument at face value. Whether this is itself an exaggerated description to make a point about Mises’s psychological state (or theoretical argument?), [...]

Is Strategy a Branch of Praxeology?

In popular writings on Austrian economics, the terms “praxeology” and “economics” are sometimes used interchangeably, although economics is only one branch of the broader logic of human action. However, in The Ultimate Foundation of Economic Science (1962), Mises did observe that economics is the best developed branch of praxeology, and this has certainly remained true [...]

Free Markets and Fighting Fires

According to Terry L. Anderson and Daniel Botkin, “Fighting Western Fires with Economics” is a good idea. Were I writing an essay with this title, I would emphasize the role of private property rights. If all forests were owned by individuals and private corporations, those that did well in protecting their trees from conflagrations would [...]

Mises University Live Webcast Schedule

This schedule will link you directly to each streaming video session as they happen. Click the lecture titles below at the scheduled times to watch the live webcasts on YouTube. July 20–26, 2014 • Mises Institute • All times are central daylight time except where noted. For the full PDF schedule including non-webcast sessions, click here.

Rothbard the Quant

Murray Rothbard was a foremost defender of apriorism in economics and a critic of positivism, empiricism, and scientism (1, 2, 3). But he was not opposed to quantification, particularly in the study of economic history. In fact, he strongly supported the use of statistics in doing applied economics. I was reminded of Rothbard’s view of [...]

From Noahpinion to No Clue?

Over at The Week, Noah Smith, an economics professor at Stony Brook University and of online “Noahpinion” fame, attempts a dismissal of the Austrian school of economics. His critique is intended to show that “the Austrian School’s demise came not because its ideas were rejected and marginalized, but because most of them were co-opted by [...]

War and Time Preference: The American Army in Australia

John McKerrow writes in today’s Mises Daily:  Still, as important as the above explanations are, high time preference offers another reason for the conduct of American soldiers. The importance of time preference in understanding human action is nothing new to those who have some awareness of the Austrian School. Yet, among mainstream historians, whose knowledge [...]

Mises and the Diminished A Priori

David Gordon writes in today’s Mises Daily: In a recent post, “Machlup and Mises,” on the blog Coordination Problem, Peter Boettke has called attention to and summarized an important paper, “The Epistemological Implications of Machlup’s Interpretation of Mises’s Methodology” written by Gabriel Zanotti and Nicolás Cachanosky. According to these authors, Murray Rothbard advanced an influential interpretation [...]

Rory Sutherland: ‘Ludwig von Mises Is My Hero’

In this TED Talk, Rory Sutherland discusses the the value of Mises and praxeology in understanding the importance of subjective value and human psychology. The Mises comments begin at 13:00.

Out of Poverty: Powell’s Most Recent Work in the Misesian Tradition

Pete Boettke at Coordination Problem highlights the excellent work by Ben Powell in the Misesian tradition (links added). Ben Powell‘s Out of Poverty, is a classic example of praxeological reasoning and the purpose of political economy in the hands of a skilled thinker influenced by Mises’s approach. Listen to his discussion of the book, he [...]

George Selgin Keeps Dancing Around the Facts

In his post a few days ago entitled “Don’t Ask George to Dance,” Bob Murphy referred to George Selgin’s “pugnacity” in denying that he is an Austrian. Now neither George’s pugnacity, nor his quintillionth public profession of his non-Austrianism, is sufficiently interesting to warrant comment. What does deserve comment, however, is George’s less than ingenuous explanation of [...]

Mises on Economics, Education, and The Experts

[To complement Robert Murphy's post today on economics and education:] From Human Action XXXVIII:  by Ludwig von Mises In countries which are not harassed by struggles between various linguistic groups public education can work if it is limited to reading, writing, and arithmetic. With bright children it is even possible to add elementary notions of [...]

Audio: Walter Block Explains Austrian Economics

This interview with Walter Block is a little old (May 2013), but we haven’t linked to it before. Some highlights of the interview include: Block contrasts Austrian economists as philosophers compared to “normative” economists which he characterizes as ethicists and empiricists. He highlights praxeology, the study of human interactions, as a central tenet of the Austrian school. He [...]

Mises: Like a Jiu-jitsu Master

Guest Post by Fernando Chiocca Economics and martial arts? One might be tempted to think that those two things can’t have anything in common. But there are some parallels that we can trace. First of all, both are types of systematic knowledge. The former is the study of human action and interaction with goods and [...]

Nobel Prize for “Market Design”

This year’s Nobel-ish prize in economics goes to Alvin Roth and Lloyd Shapley for research on “matching methods” and the resulting application to “market design.” Briefly, this work deals with allocating resources in the absence of money and prices. Shapley applied noncooperative game theory to study the properties of different matching rules, and Roth studied [...]

Distinctly Austrian vs. Eclectic Economics

As I illustrate in this post, Steven Horwitz’s essay The Empirics of Austrian Economics is, as Joseph Salerno put it, “profoundly confused” about Mises’ methodology.  George Selgin responded to Horwitz yesterday.  While I disagree with Selgin’s criticism of Mises’ methodological positions, at least he doesn’t grossly mischaracterize them, as does Horwitz. Selgin points out that the work [...]

Reply to “The Empirics of Austrian Economics”

Steven Horwitz has an essay up at Cato protesting that, contrary to common perception, “modern” Austrian economics is actually very empirical.  Much of his argument stems from his treatment of economic history as being a sub-set of economics, in stark contrast to Mises’ position that,”There is economics and there is economic history. The two must never [...]

Reply to Aziz on Methodology

John Aziz has posted “A Critique of the Methodology of Mises & Rothbard.” He objects to Mises’ statement that: Our statements and propositions are not derived from experience. They are not subject to verification or falsification on the ground of experience and facts. by averring: This is completely wrongheaded. All human thought and action is [...]

Applying Capital-Based Macroeconomics: Interview with John P. Cochran

Austrian economist John Cochran was interviewed for “La Escuela Austriaca desde Adentro” (The Austrian School from Inside), Vol. III edited by Adrián Ravier, which is scheduled for publication later this year.  Here is that interview. Dr. John P. Cochran is Emeritus Dean-School of Business and Emeritus Professor of Economics at Metropolitan State College of Denver. He served as Dean of the School of Business at Metro [...]