The Austrian School of Economics calls its method praxeology what is considered a branch of philosophy, and considers economics as a branch of philosophy (Rothbard, 2019).

The ASoE has proved itself useful predicting the great depression, the dot-com bubble and the fall of the system of Bettron Woods as some examples ("Austrian predictions"). Thus being a branch of philosophy proving philosophy useful.

The ASoE is mainly attacked under the scientism claim of "The empirical science is the source of knowledge". (Being this the foundation the virtually all the critics against this school of ecnomic tought).


Could the Praxeology of the ASoE win the battle against the scientist agenda?

Rothbard, Murray N.. (2019, 11 07). Praxeology: The Methodology of Austrian Economics. Mises Institute. https://mises.org/library/praxeology-methodology-austrian-economics

Austrian predictions. (2021, October 31). In Mises Wiki. https://wiki.mises.org/mediawiki/index.php?title=Austrian_predictions&oldid=3011

  • 1
    One does not need to believe that empirical science is the only source of knowledge to doubt that Kant's pure intuition and synthetic a priori are a shaky basis for developing economics. It is probably more productive to move away from ideological "battle of agendas" to more pragmatic approaches. As Linsbichler writes:"Mainstream economists and philosophers might be more likely to engage in fruitful discussions with those Austrian scholars who elaborate pragmatic arguments for praxeology instead of invoking pure intuition."
    – Conifold
    Oct 17, 2021 at 6:01
  • FI you are pragmatic, you are just thinking in useful fiction and no knowledge. Oct 17, 2021 at 6:45
  • It's not paxeology but praxeology deriving from the greek praxis, meaning action. Oct 17, 2021 at 7:03
  • Maybe consider some less biased sources than a wiki manifestly set up by fan boys of the ASoE founder?
    – armand
    Oct 17, 2021 at 9:48
  • @armand Ludwig von Mises is no the Founder of the ASoE, the founder is Carl Menger and Ludwig von Mises is a great contributor to the School. Oct 17, 2021 at 17:37

2 Answers 2


George Reisman, who agrees with most of the Austrian economists' economic ideas, disagrees with praxeology. Reisman's position is that economics is about how wealth is created under the division of labour. Trying to extend it to all choices doesn't help solve economic problems in that sense and it doesn't solve any other problems either, so what's the point?

For a discussion of praxeology with quotes from Reisman and Mises, see


  • In what he disagree?, there is something that are really important in the Austrian School of economy. Oct 30, 2021 at 8:46
  • I explained the disagreement in the post and in more detail in the link.
    – alanf
    Oct 31, 2021 at 8:16
  • The link talks about the disagreement in the foundation of economy, but no about disagreement in results. And I want to know what is the disagreement in the last. Oct 31, 2021 at 9:07

Wikipedia states that von Mises developed his theory with reference to Kant, Weber and Menger.

However, the philosopher of science Mario Bunge dismissed that praxeology as "nothing but the maximisation of subjective utility - a fancy version of egoism." Bunge, who was a fierce critic of pseudo-science warned that when "concieved in extremely general terms and detached from both ethics and science, praxiology has hardly any practical value."

So probably not.

  • Subjective utility, is subjective, therefore one can see altruism as maximisation of their own utility. Therefore it cannot be a fancy form of egoism. Oct 23, 2021 at 3:28

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