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An action axiom is an axiom that embodies a criterion for describing action. Action axioms are of the form "If a condition holds, then the following will be done". [1]
Decision theory and, hence, decision analysis are based on the maximum expected utility (MEU) action axiom. In general, the principle for action embodied by an action axiom (such as MEU) is highly defensible and its scope very broad.
The action-axiom is the basis of praxeology in the Austrian School, and it is the proposition that all specimens of the species Homo sapiens, the Homo agens, purposely utilize means over a period of time in order to achieve desired ends. In Human Action , Ludwig von Mises defined “action” in the sense of the action axiom by elucidating:
Human action is purposeful behavior. Or we may say: Action is will put into operation and transformed into an agency, is aiming at ends and goals, is the ego's meaningful response to stimuli and to the conditions of its environment, is a person's conscious adjustment to the state of the universe that determines his life. Such paraphrases may clarify the definition given and prevent possible misinterpretations. But the definition itself is adequate and does not need complement of commentary. [1]
The Austrian school is a heterodox school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result primarily from the motivations and actions of individuals along with their self interest. Austrian-school theorists hold that economic theory should be exclusively derived from basic principles of human action.
Murray Newton Rothbard was an American economist of the Austrian School, economic historian, political theorist, and activist. Rothbard was a central figure in the 20th-century American libertarian movement, particularly its right-wing strands, and was a founder and leading theoretician of anarcho-capitalism. He wrote over twenty books on political theory, history, economics, and other subjects.
Teleology or finality is a branch of causality giving the reason or an explanation for something as a function of its end, its purpose, or its goal, as opposed to as a function of its cause. James Wood, in his Nuttall Encyclopaedia, explained the meaning of teleology as "the doctrine of final causes, particularly the argument for the being and character of God from the being and character of His works; that the end reveals His purpose from the beginning, the end being regarded as the thought of God at the beginning, or the universe viewed as the realisation of Him and His eternal purpose."
The Ludwig von Mises Institute for Austrian Economics, or Mises Institute, is a nonprofit think tank headquartered in Auburn, Alabama, that is a center for Austrian economics, right-wing libertarian thought and the paleolibertarian and anarcho-capitalist movements in the United States. It is named after the economist Ludwig von Mises (1881–1973) and promotes the Misesian version of heterodox Austrian economics.
Human Action: A Treatise on Economics is a work by the Austrian economist and philosopher Ludwig von Mises. Widely considered Mises' magnum opus, it presents the case for laissez-faire capitalism based on praxeology, his method to understand the structure of human decision-making. Mises rejected positivism within economics, and defended an a priori foundation for praxeology, as well as methodological individualism and laws of self-evident certainty. Mises argues that the free-market economy not only outdistances any government-planned system, but ultimately serves as the foundation of civilization itself.
In philosophy, praxeology or praxiology is the theory of human action, based on the notion that humans engage in purposeful behavior, contrary to reflexive behavior and other unintentional behavior.
Ruritania is a fictional country, originally located in Central Europe as a setting for novels by Anthony Hope, such as The Prisoner of Zenda (1894). Nowadays, the term connotes a quaint minor European country or is used as a placeholder name for an unspecified country in academic discussions. The first known use of the demonym Ruritanian was in 1896.
Man, Economy, and State: A treatise on economic principles is a 1962 book of Austrian School economics by Murray Rothbard. It was originally intended as a textbook form of Human Action by Ludwig von Mises, but became its own treatise after he realized original work was needed to flesh out Mises' ideas.
Laziness is emotional disinclination to activity or exertion despite having the ability to act or to exert oneself. It is often used as a pejorative; terms for a person seen to be lazy include "couch potato", "slacker", and "bludger". Related concepts include sloth, a Christian sin, abulia, a medical term for reduced motivation, and lethargy, a state of lacking energy.
There are various definitions of autonomous agent. According to Brustoloni (1991)
"Autonomous agents are systems capable of autonomous, purposeful action in the real world."
Criticism of socialism is any critique of socialist economics and socialist models of organization and their feasibility, as well as the political and social implications of adopting such a system. Some critiques are not necessarily directed toward socialism as a system but rather toward the socialist movement, parties, or existing states. Some critics consider socialism to be a purely theoretical concept that should be criticized on theoretical grounds, such as in the economic calculation problem and the socialist calculation debate, while others hold that certain historical examples exist and that they can be criticized on practical grounds. Because there are many types of socialism, most critiques are focused on a specific type of socialism, that of the command economy and the experience of Soviet-type economies that may not apply to all forms of socialism as different models of socialism conflict with each other over questions of property ownership, economic coordination and how socialism is to be achieved. Critics of specific models of socialism might be advocates of a different type of socialism.
The Non-Aggression Principle (NAP), also called the Non-Aggression Axiom, the non-coercion principle, the non-initiation of force and the zero aggression principle, is a concept in which "aggression" – defined as initiating or threatening any forceful interference with either an individual or their property, or agreements (contracts) – is illegitimate and should be prohibited. Interpretations of the NAP vary, particularly concerning issues like intellectual property, force, and abortion.
Robert Patrick Murphy is an American economist. Murphy is research assistant professor with the Free Market Institute at Texas Tech University. He has been affiliated with Laffer Associates, the Pacific Research Institute, the Institute for Energy Research (IER), the Independent Institute, the Ludwig von Mises Institute, and the Fraser Institute.
Ludwig Heinrich Edler von Mises was an Austrian–American economist, logician, sociologist, and philosopher of economics of the Austrian school. Mises wrote and lectured extensively on the societal contributions of classical liberalism and the power of consumers. He is best known for his work in praxeology, particularly for studies comparing communism and capitalism, as well as for being a defender of classical liberalism in the face of rising illiberalism and authoritarianism throughout much of Europe during the 20th century.
For a New Liberty: The Libertarian Manifesto is a book by American economist and historian Murray Rothbard, in which the author promotes anarcho-capitalism. The work has been credited as an influence on modern libertarian thought and on part of the New Right.
Fiat iustitia, et pereat mundus is a Latin phrase, meaning "Let justice be done, though the world perish".
"The Berlin Batman" is an Elseworlds tale published in The Batman Chronicles #11 in 1998 by DC Comics. It is written and illustrated by Paul Pope.
In Austrian business cycle theory, malinvestments are badly allocated business investments resulting from artificially low interest rates for borrowing and an unsustainable increase in money supply. Central banks are often blamed for causing malinvestments, such as the dot-com bubble and the United States housing bubble. Austrian economists such as F. A. Hayek advocate the idea that malinvestment occurs due to the combination of fractional reserve banking and artificially low interest rates sending out misleading relative price signals which eventually necessitate a corrective contraction – a boom followed by a bust.
In praxeology, thymology is the study of those human aspects that precede or cause purposeful human behavior.
In praxeology, methodological dualism is an epistemological position which states that it is necessary ─ based on our current state of knowledge and understanding ─ to use a different method in analysing the actions of human beings than the methods of the natural sciences.
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