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The Foundations of Modern Austrian Economics; Edited by: Dolan, Edwin G.
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Part 2, Essay 1

Part 2, Essay 1
Praxeology: The Methodology of Austrian Economics
by Murray N. Rothbard


Praxeology is the distinctive methodology of the Austrian school. The term was first applied to the Austrian method by Ludwig von Mises, who 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. *1 While the praxeological method is, to say the least, out of fashion in contemporary economics—as well as in social science generally and in the philosophy of science—it was the basic method of the earlier Austrian school and also of a considerable segment of the older classical school, in particular of J. B. Say and Nassau W. Senior. *2