A Definitional Review of Economics Through the Application of the Leading Theories and Methodology of The Austrian School
Abstract
The article examines the shortfalls of traditional definitions of economics from the viewpoint of the Austrian School of Economics as being too narrow and overly mathematical. Important concepts of human action and volition are considered. The discussion centers around the notion that the nature of knowledge within economics is not the same as the hard sciences from where the scientific method originates and that its use in economics is ill-conceived. The study of human action, known as “Praxeology” focusing on the improvement of a person’s situation is considered key to understanding the true nature of economic thought. Concepts of scarcity, time, reason, equilibrium are further discussed.
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