noun
- the study of human action and conduct, especially as a method of economic analysis
Usage: economics; academic
Examples
- Austrian economists rely heavily on praxeology in their theoretical framework.
- Ludwig von Mises developed praxeology as a foundation for economic science.
- The professor explained how praxeology differs from empirical economics.
- Praxeology focuses on the logical structure of human action rather than statistical data.
- Critics argue that praxeology is too abstract for practical economic policy.
- The study of praxeology requires understanding basic principles of human choice.