Economics and human action: Praxeology as a chosen methodology

Source: Reformed Libertarian
by C Jay Engel

“It is well known in Austrian circles that the methodology of economics is praxeology; that is, one can discover economic laws by discovering the implications of the fact that individuals act purposefully. Praxeology is the study of purposeful behavior, it is therefore not concerned with those motions and movements of the body without volitional engagement. These can include, of course, reflexes and instincts, impulses and unconscious activities (sleep walking), muscle memories, and so on. These are left for the physiologists and the psychologists. Praxeology is the study of those behaviors which are intentional; which aim toward fulfillment of a certain desire, or at least the conception of that desire. ” (08/25/17)