Tuesday, August 04, 2015

Misesian Economics and the Bible

One of the several magnificent intellectual achievements of the Austrian economist Ludwig von Mises (1881—1973) was his development of a comprehensive science of human action, called “praxeology.” One of the main conclusions drawn from praxeology is that free markets will result in more prosperity than government-directed economic activity–a position that naturally makes Misesian economics popular with conservatives. At the same time, one aspect of praxeology often poses a gigantic stumbling block to conservatives of deep religious convictions. They have been perplexed and put off by Mises’ insistence that, in praxeology, he had developed a Wertfrei (value-free) science of economics.

No comments: