Learn · 11 lessons · 69 minutes
A language for examining choices.
Praxeology studies purposeful action: who is acting, what end they seek, what means they use, and what they give up. Start with lesson 1. Each lesson adds one distinction. Progress is saved in this browser only. It is not copied to your other devices, and clearing site data deletes it.
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Opening local recordlessons completedWhat is praxeology?
Praxeology is the study of purposeful human action. It asks what must be true when someone chooses means to reach an end.
Man acts
Action means purposeful behavior: using chosen means because the actor expects a more satisfactory state.
Uneasiness and improvement
Action begins because the actor is not fully satisfied and believes a chosen means can improve the situation.
Ends and means
An end is the desired state. A means is whatever the actor uses to try to reach it.
Choice and tradeoff
To choose is to rank alternatives. The chosen option is preferred to what was set aside at that moment.
Opportunity cost
The real cost of an action is the next-best alternative the actor gives up.
Subjective value
Value is not inside the object. Value is assigned by acting people according to their ends.
Time preference
Acting people compare present satisfaction with future satisfaction. Waiting has to be worth it.
Exchange
Voluntary exchange happens because each side expects to receive something they value more than what they give.
Prices and knowledge
Prices are signals created by acting people. They carry knowledge no single mind fully owns.
Apply it to your life
Praxeology becomes useful when you can analyze your own action without excuses or slogans.