Mises on Praxeology

Abstract

Philosopher and Economist Ludwig von Mises established an epistemological structure in order to justify his position concerning economic principles. Praxeology begins with the undeniable fact that human beings act in a purposeful manner. Praxeology is the logical framework used in the deductive process which allows for conclusions to made upon certain actions. This paper will defend Mises’s argument as to why praxeology is the most appropriate means in explaining economics.

The paper’s objectives are to address and summarize portions of: 1) Mises’s praxeology, 2) on history, and lastly, 3) this paper concludes with a recommendation into further research to expand on the viability of praxeology synergizing with ethical systems; most notably with the emerging discipline of Islamic Economics.

Keywords: Philosophy of Economics, Philosophy, Economic Science, Mises, Praxeology, Austrian Economics, Epistemology, Capitalism, Islamic Economics

JEL Classification: a13, b13