Three ways the critics get praxeology wrong

Source: Ludwig von Mises Institute
by Jonathan Newman

“According to Austrian economists, economic theory is constructed through deduction and not experimentation or mathematical modeling. It is unfortunate that this position elicits more backlash than almost any other claim made by Austrian economists, because this one is so fundamental. If there cannot be agreement about how to do economics, then how fruitful can a discussion about policy be? Much of the criticism I see is based on a misunderstanding and caricaturization of what Mises called ‘praxeology.'” (05/22/17)