Notable Characteristics Of Praxeology Are Time And Causality And Human Action.

First we need to understand praxeology. It is the study of human action logic. It is action logic that takes into account time and causality. It is logic action in the passage of time. The notable characteristics of praxeology are time and causality and human action.

What emerges from this reflection is the consideration of the difference between a priori and a posteriori reasoning. A priori is from cause to effect, is based on something known – such as natural law – and it is valid independently of observation. A posteriori is based upon actual observation or upon experimental data, starting there and working back to their causes. Speaking about the power of science and the power of appropriate methodology, Mises says: “What makes natural science possible is the power to experiment, what makes social science possible is the power to grasp or to comprehend the meaning of human action.” [Ludwig von Mises, Money, Method and the Market Process (Kluwer Academic Publishers, 1990), Ch. 1, Section III.]

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Microeconomics Definition Emphasizing Entrepreneurship.

One definition of microeconomics that then emerges is as follows: it is a study of how individuals discover and react to information in the market as part of their division of labor to produce and to earn income, so as to meet their personal desires for goods and services.

Each experience in the series of knowledge gaining experiences is more competitive than the preceding period. In other words, we are constantly searching for ways to make things better for ourselves. And since competition and entrepreneurship are analytically inseparable these experiences act to stimulate our entrepreneurship. That is very good news indeed since releasing our potential, by changing our entrepreneurship from latent to active, leads to prosperity.

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Praxeology And The Seamless Economy!

What does it mean that the divine economy is seamless? Replying succinctly – the equilibrating power is always in operation throughout the economy, at both the micro and macro level.

Another way to answer the question is to recognize that there are no internal disciplines, no fields or subfields. There is no abstract separation from historical events or from politics; they are all happening within the economy. Nor is there a time zone where you enter the long run ‘time zone’ and leave the short run ‘time zone.” It is an all-inclusive continuum.

Since the economy is one whole, there are no non-integrated portions exclusively studied by ‘experts’ that require special tools or devices. Praxeology, a general theory of human action, is the universal tool that can be applied by novice or master to understand the economy.

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Interventionism Collectivizes The Human Spirit.

Economic intervention begins at the macro level and it trickles its way to the micro level and is very disruptive at both the macro and micro level. Interventionism starts at the macro level by interfering with the processes that bring order, or by obstructing the transformation processes. Not only that but laws are converted into legal codes for easy manipulation, and the attempt is to collectivize the human spirit when the economy is subjected to interventionism. These are all corruptions.

Artificially dissecting the economy into macro and micro is what makes interventionism possible. It follows the strategic plan of attack by the ego-driven enemy: divide and conquer! But macro and micro are one whole, inseparable. Separating them is a corruption.

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Entrepreneurs Facilitate All Of The Cooperation That Needs To Happen.

Capital is like a bridge spanning the time horizon and the structure of that capital bridge is heterogeneous. It is heterogeneous in the sense that capital in the form of capital goods stretches all the way from savings through production, and continuing through distribution to the end points – which are the final goods and services. It is the profit-seeking entrepreneur who finds the ways and means to facilitate all of the cooperation that needs to happen in the economy for production to be successful across the time horizon.

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Prices Are Stepping Stones Through The Unknown Complexities Of Demand And Supply.

The market process is a series of systematic changes in the interconnected network of market decisions. It is where prices act as the signals and are used to put things together. It is this market process that serves to overcome imperfect knowledge and uncertainty. Prices emerging from the market are stepping stones through the unknown complexities of demand and supply.

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What Do I Need To Know About Economics And The Market?

What are the market foundations? To state it in broad terms: one, the desires of the populace are infinite; two, production is ultimately for consumption; three, production takes time; four, an increase in goods leads to an increase in the standard of living; and five, an increase in capital goods leads to a future increase in the standard of living. And finally, making exchanges – as in trading – is made possible by and leads to specialization and the division of labor. 

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Commercial Aspect to Virtues - Mercy.

The world is a testing ground for our souls. Tests and difficulties exist and have to be dealt with.

How can we truly show that we care without a capacity for mercy? Those who feel blessed in plenteousness often show their feelings of mercy by contributing to or participating in some kind of charity. Charities channel peoples’ mercy to those who need it.

Mercy is one of the keys to prosperity. It is through the act of being merciful that one begins and continues to recognize the reasons to be thankful, and the act of being merciful also makes one feel prosperous. It is through mercy that those who are suffering are given their much needed sustenance which, too, is a prosperous feeling indeed.

Here we have the feeling of prosperity as an example of the ‘tangible goods and services’ emerging from mercy. By acquiring and practicing mercy the extremes of wealth and poverty will lessen and a greater sense of prosperity will be felt by all. Those who show mercy will be recognized for this noble and valuable trait. A price, a ‘premium'  in some form, can be ascribed to the practice ‘mercy.’ In other words, there is a commercial aspect to the virtue. It is a traceable market phenomenon.

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