![]() ![]() This structure is built on the fundamental axiom of action, and has a few subsidiary axioms, such as that individuals vary and that human beings regard leisure as a valuable good. In short, praxeological economics is the structure of logical implications of the fact that individuals act. The praxeological method spins out by verbal deduction the logical implications of that primordial fact. This concept of action contrasts to purely reflexive, or knee-jerk, behavior, which is not directed toward goals. Praxeology rests on the fundamental axiom that individual human beings act, that is, on the primordial fact that individuals engage in conscious actions toward chosen goals. While the praxeological method is, to say the least, out of fashion in contemporary economics as well as in social science generally and in the philosophy of science, it was the basic method of the earlier Austrian School and also of a considerable segment of the older classical school, in particular of J.B. ![]() The term was first applied to the Austrian method by Ludwig von Mises, who was not only the major architect and elaborator of this methodology but also the economist who most fully and successfully applied it to the construction of economic theory. Praxeology is the distinctive methodology of the Austrian School.
0 Comments
Leave a Reply. |