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Austrian Economics, Praxeology and Intervention

In: The Dynamics of Intervention: Regulation and Redistribution in the Mixed Economy

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  • Walter Block
  • William Barnett

Abstract

Praxeology is defined byRothbard (1962, p. 64)as “The formal implication of the fact that men use means to attain various chosen ends.” While men use means to attain ends in areas other than economics (e.g., war, voting), the dismal science is the only deeply elaborated subdivision of praxeology.Rothbard (1962, p. 63)defines praxeological economics in contrast withpsychology [and]…the philosophy of ethics. Since all these [three] disciplines deal with the subjective decisions of individual human minds, many observers have believed that they are fundamentally identical. This is not the case at all. Psychology and ethics deal with the content of human ends; they ask, why does the man choose such and such ends, or what ends should man value? Praxeology and economics deal with any given ends and with the formal implications of the fact that men have ends and employ means to attain them.1

Suggested Citation

  • Walter Block & William Barnett, 2004. "Austrian Economics, Praxeology and Intervention," Advances in Austrian Economics, in: The Dynamics of Intervention: Regulation and Redistribution in the Mixed Economy, pages 87-104, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:aaeczz:s1529-2134(05)08004-x
    DOI: 10.1016/S1529-2134(05)08004-X
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