Praxeology

In a world characterized by genuine uncertainty rather than mechanical predictability, analytic reasoning provides a form of epistemic certainty that empirical observation alone cannot secure.

Professor Joseph Salerno traces how Rothbard's mastery of the praxeological method led him to the controversial but logically airtight conclusion that business cycles have a single, exogenous cause and a single cure.

If economics has its Unicorn, it would be the Giffen Good, the good that would seem to defy the Law of Demand. While economists have played around with Giffen Good scenarios, in reality, finding it is even more unlikely than sighting a unicorn.

In Austrian economics, judgment refers to decision making under uncertainty. Given that we live in a world of uncertainty, all of us use judgment when choosing what actions to perform.

As we continue to celebrate the centennial of the birth of Murray Rothbard, Wanjiru Njoya reminds us that he never compromised his principles and stood for liberty throughout his all-too-brief life.

As we continue to celebrate the centennial of the birth of Murray Rothbard, Wanjiru Njoya reminds us that he never compromised his principles and stood for liberty throughout his all-too-brief life.

For more than a century, economists have tried to reduce economics to a series of mathematical equations and statistical analysis. They have failed miserably, but that doesn’t stop them from continuing down the same mistaken path.

Understanding economics is the key to preserving civilization. This is because civilization itself is a consequence of choices.

Human action involves people engaging in unique events in which outcomes often are uncertain, when expertise and planning often do not give us the results we anticipate.

Human action involves people engaging in unique events in which outcomes often are uncertain, when expertise and planning often do not give us the results we anticipate.