Friday, October 31, 2003

Praxeology Defined

In June 1950, Murray Rothbard published, 'Praxeology: Reply to Mr.
Schiller' in the "American Economic Review."

Rothbard explains (pp. 193-164):

"The categories of praxeology may be outlined as follows:

Praxeology -- the general, formal theory of human action:

A. The Theory of the Isolated Individual (Crusoe Economics)

B. The Theory of Voluntary Interpersonal Exchange (Catallactics, or the economics of the market)

1. Barter
2. With Medium of Exchange

a. On the Unhampered Market
b. Effects of Violent Intervention with the Market
c. Effects of Violent Abolition of the Market (Socialism)

C. The Theory of War -- Hostile Action

D. The Theory of Games (e.g., Von Neumann and Morgenstern)

E. Unknown"

Reprinted in Sandye Gloria-Palermo, ed., "Modern Austrian Economics," vol. I (London: Pickering & Chatto, 2002) pp. 161-164.

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