The study of purposeful human action
  • Economics - Study of the production, distribution and consumption of goods and services


Glossary: Praxeology, by Percy L. Greaves Jr., Mises Made Easier, 1974
"(from the Greek, Praxis, action, habit or practice; logia, doctrine, theory or science). The science or general theory of (conscious or purposeful) human action. Mises defines action as 'the manifestation of a man's will.' Accordingly, he considers the use of the adjectives 'conscious or purposeful' to be redundant. Praxeology is a manifestation of the human mind and deals with the actions open to men for the attainment of their chosen ends. Praxeology starts from the a priori category of action and then develops the full implications of such action. Praxeology aims at knowledge valid for all instances in which the conditions exactly correspond to those implied in its assumptions and inferences. Its statements and propositions are not derived from experience, but are antecedent to any comprehension of historical facts."
Praxeology - Wikipedia, the free encyclopedia
"Praxeology is the deductive study of human action based on the action-axiom. The most common use of the term is in connection with the Austrian School of economics. The term was coined by Austrian school economist Ludwig von Mises. ..."


Ludwig von Mises and the Justification of the Liberal Order, by William Baumgarth, The Economics of Ludwig von Mises, Nov 1974
Critically examines various Mises' writings on liberalism, democracy, the wisdom of the masses, special-interest politics, equal treatment under the law, anarchism, self-determination and of course economics
"Mises described how his understanding of economics was much broader than that of the older nineteenth-century writers because it was based on the notion of man as a 'choosing' rather than a 'selfish' agent ... To be a human being, Mises argued, is to have a will, and having a will implies the ability to chose between alternative courses of action. If there is a science dedicated to the science of choice, that science is the master science of which economics is but one part. Mises named 'praxeology' the 'science of choice' and declared the science of economics to be but one part of 'praxeology.'"