Epistemological Problems of Economics
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491_9781614277590
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2014 Reprint of Original 1960 Edition. Exact facsimile of the original edition, not reproduced with Optical Recognition Software. Epistemological Problems is a milestone in Ludwig von Mises groundbreaking development of praxeology. This important work contains foundational thoughts on his theory of human action, or logic of action, which forms the distinctive methodology of the Austrian School... Mises was not only the major architect and elaborator of this methodology, but also the economist who most fully and successfully applied it to the construction of economic theory (Rothbard). Mises headed the Austrian School, which celebrates freedom and the individual, rather than determinism and the collective... and explicitly rejects the idea that the natural sciences provide the proper model for economic analysis (Shenoy et al., Towards a Theoretical Framework, 19, 19n). In establishing the schools epistemological foundations, Mises first began working on the subject in a series of articles published in the 1920s. He collected and published them in his seminal philosophical and methodological work, Grundprobleme der Nationalökonimie in 1933, which was not translated into English until this edition. Here Mises presents economics from the point of view of the philosophy of science, and the actual economic analysis of value and inconvertible capital. The first chapter of the book, The Task and Scope of the Science of Human Action, evolved as the core of the system Mises had been working on for years... He argued that economic laws were true a priori, on a par with the laws of logic and mathematics... [This] remained one of his most controversial tenets, in that it frames economic theory as addressing acts of the real world, such as the one that human beings make choices. But the facts of this sort cannot be observed... Economics is not an empirical science in this sense, but it is a science nevertheless. To Mises the epistemology of economics was
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