The Ultimate Foundation of Economic Science - (Liberty Fund Library of the Works of Ludwig Von Mises) by Ludwig Von Mises (Hardcover)

Book Synopsis

In this volume, Mises argued that economics is a science because human action is a natural order of life and that it is the actions of humans that determine markets and capital decisions. Since Mises believed these links could be proven scientifically, he concluded that economics, with its basis on that human action, is indeed a science in its own right and not an ideology or a metaphysical doctrine.

Ludwig von Mises (1881-1973) was the leading spokesman of the Austrian School of economics throughout most of the twentieth century.

Bettina Bien Greaves is a former resident scholar and trustee of the Foundation for Economic Education and was a senior staff member at FEE from 1951 to 1999.

Review Quotes

Ludwig von Mises (1881-1973), considered by many to be the leading light of the Austrian School of economics, first published this essay in 1963 for the purpose of summing up his thoughts on the epistemological foundations of economics. He concisely explains the Austrian School's position that economic theory is logically derived from basic principles of human reaction. This "praxeology" explains how all human action is intended to improve an individual's satisfaction and how this, in turn, leads to understanding markets and capital decisions.

Reference & Research Book News
November 2006