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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