This text is an excerpt from Ludwig von Mises’s Human Action, specifically focusing on the epistemological foundations of praxeology and economics. It examines the Methodenstreit and critiques historicism and positivism, advocating for praxeological reasoning based on the category of human action. The text further explores the role of subjective value, time preference, and monetary calculation in market processes, while critiquing mathematical economics and socialist planning. Finally, it addresses the impact of government intervention on the market, including taxation, price controls, and credit manipulation. The excerpt also touches upon the history of economic thought and the evolution of various schools of thought within economics.
