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Books Epistemological Problems of Economics (Liberty Fund Library of the Works of Ludwig von Mises) by Ludwig von Mises (Author)

Name: Epistemological Problems of Economics (Liberty Fund Library of the Works of Ludwig von Mises) by Ludwig von Mises (Author)
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"Epistemological Problems of Economics" by Ludwig von Mises is a foundational work in the Austrian School of economics that addresses the unique challenges of economic science within the philosophy of science. Mises distinguishes economics from natural sciences by emphasizing that economics is a social science focused on human action, which is purposeful and driven by individual choice rather than mechanistic laws.

Mises argues that economic laws are a priori truths—logical deductions based on the fact that humans act to achieve desired ends using scarce means. This contrasts with empirical sciences, as economic phenomena cannot be fully observed or experimented upon but must be understood through theoretical reasoning.

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The book elaborates on praxeology, the logic of human action, as the methodological core of economic science. Mises explains how the theory of value is central to understanding all human behavior, extending beyond traditional economic subjects. He critiques the mechanistic and empirical approaches in mainstream economics for ignoring the subjective and purposeful nature of human action.