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Economic Science and the Austrian Method

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Manufacturer: Ludwig Von Mises Institute

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Binding: Paperback
EAN: 9780945466208
ISBN: 094546620X
Label: Ludwig Von Mises Institute
Manufacturer: Ludwig Von Mises Institute
Number Of Pages: 82
Publication Date: 2007-02-26
Publisher: Ludwig Von Mises Institute
Release Date: 2007-02-26
Studio: Ludwig Von Mises Institute

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A definitive defense of the praxeological view: economics as a purely deductive science. Hoppe rests his argument on the Kantian idea of the "synthetic apriori" proposition, thereby expanding an aim of Mises's in the methodology section of Human Action. Hoppe is the Austrian School's most prominent methodologist, and here he is in top form.

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Summary: Austrian Methodology Defended
Comment: Hans-Hermann Hoppe (1949- ) is a philosopher and economist writing in the "classical" Austrian tradition, which is to say in the tradition of Mises and Rothbard. He is also one of the most creative thinkers in that tradition. (His work, Democracy: The God that Failed, is a brilliant extension of Austrian thought into the realm of politics.)

This little work (which is a collection of some stuff previously printed) provides a good introduction to and defense of Austrian methodology. The question is this: what is the status of the laws and principles of economics? Are principles such as "the law of marginal utility" everywhere and on all occasions true, or are they empirical generalizations subject to falsification? Mises - writing in the tradition of Kant and Leibniz - argued that the principles of economics are a priori. Misesian methodology therefore falls within the Kantian and rationalist tradition. (Hoppe rejects the interpretation of Kant given by Rand as "arrogant ignorance.) Economics, according to Mises, is closer to disciplines such as logic and mathematics than it is to the natural sciences. In his defense of the Austrian method, Prof. Hoppe provides brief but useful critiques of empiricism, historicism, and relativism.

Mises's central works in this area are Human Action, Epistemological Problems of Economics, Theory and History, and The Ultimate Foundation of Economic Science.

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