Praxeology

The beauty of Austrian economics is that it springs from real human action and does not depend upon the construction of abstract mathematical models meant to parallel reality.

Statistics can be interesting and informative, but only if one can properly understand them through sound economic theory.

Egalitarians mock Adam Smith's invisible hand as free-market superstition, then explain every billionaire with an invisible hand of their own. Joshua Mawhorter on the luck argument for redistribution.

Murray Rothbard wasn't born an Austrian economist. Patrick Newman on how a Columbia-trained mainstream PhD became Mises's heir—in the hundredth year since Rothbard's birth.

The Theory and Method faculty panel takes questions from Mises University students.

Build a model no real market could ever match, call it the ideal, then diagnose every real market as a failure for falling short. Jonathan Newman on the equilibrium trap Mises warned against.

Strip away the mystique and ChatGPT is a next-word predictor with some randomness—the same trick as the spell-checker asking if you meant "dog." Peter Klein on the economics of AI, minus the hype.

Per Bylund takes up Mises's claim that the entrepreneur-promoter cannot be defined praxeologically.

Tate Fegley uses Joseph Salerno's work to draw out the fundamental differences between Mises and Hayek arguing that treating the two as interchangeable obscures the distinctly Misesian paradigm.

Marx said your logic depends on your class. The Nazis said it depends on your race. Mises had a name for that idea, and an answer to it. Wanjiru Njoya applies it to how we argue about race today.