The Epistemology of Mathematical Economics and the Austrian Critique

Table of Contents Introduction Reflections on Epistemology The Epistemology of Mathematics From Physics to Economics Economic Thought Before Econometrics The Origins of Econometrics William Petty Leon Walras Methodenstreite: The Austrians vs. the Prussian Historical School Caveats in Economic Statistics GDP CPI Other metrics Causation or Correlation? Are Economic Equations Really Necessary? What is the Purpose … Continue reading The Epistemology of Mathematical Economics and the Austrian Critique

Book Review: The Market Loves You | Jeffrey Tucker

As both a libertarian and a student of praxeology, I was somewhat perplexed from the title of Tucker's new book The Market Loves You. Only man acts, in the sense of utilizing means purposively to achieve certain objectives, as the praxeological axiom goes; the market as an aggregate of individuals cannot by itself act, and … Continue reading Book Review: The Market Loves You | Jeffrey Tucker

Book Review: “The Ultimate Foundation of Economic Science” – Ludwig von Mises

In this essay, published in 1962, Mises elaborates in depth what praxeology means, what implications it has for the study of human action, and criticizes doctrines contradictory to the praxeological method (especially logical positivism). Mises takes complete distance from the classical characterization of man as "Homo oeconomicus" (that is, a purely self-interested and rational person), … Continue reading Book Review: “The Ultimate Foundation of Economic Science” – Ludwig von Mises

Why is Liberty the Noblest of All Values?

Why are Libertarians so obsessed with liberty? Many foreign to the philosophical basis for Libertarianism may wonder what exactly makes them think of liberty as so special and unique in comparison to all the other standards one can use as the fundamental basis for one's ethics, such as fairness, justice or equality. Why should liberty be … Continue reading Why is Liberty the Noblest of All Values?