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Science of Human Action

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The Science of Human Action By L. M. LACHMANN

Praxeology meaning - the study of human action and conduct

Praxeology is the deductive study of human action based on the fact that humans engage in purposeful behavior, as opposed to reflexive behavior like sneezing and inanimate behavior. According to adherents, with the action axiom as the starting point, it is possible to draw conclusions about human behavior that are both objective and universal. For example, the notion that humans engage in acts of choice implies that they have preferences, and this must be true for anyone who exhibits intentional behavior.
The most common use of the term is in connection with the Austrian School of Economics, as established by economist Ludwig von Mises.
Catallactics is the praxeological theory of the way the free market system reaches exchange ratios and prices. It aims to analyse all actions based on monetary calculation and trace the formation of prices back to the point where an agent makes his or her choices. It explains prices as they are, rather than as they "should" be. The laws of catallactics are not value judgments, but aim to be exact, objective and of universal validity. It was first used extensively by the Austrian School economist Ludwig von Mises.

This is Professor Mises' magnum opus.' It is a magnum opus in every sense of the word. Its majestic sweep embraces almost the whole field of economics and touches, at some point or other, on almost every social issue of our time. Not merely the formal-logical apparatus of economic theory, but the social structure of modern industrial society, its achievements, its weaknesses, and, most of all, its ideologies come under the relentless scrutiny of one who repeatedly confounds the small minded within the precincts of our science and outside it. Perhaps his most outstanding merit is an intellectual courage which

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