MichaelMatulef on Nostr: The major function of praxeology—of economics—is to bring to the world the ...

The major function of praxeology—of economics—is to bring to the world the knowledge of these indirect, these hidden, consequences of the different forms of human action. The hidden order, harmony, and efficiency of the voluntary free market, the hidden disorder, conflict, and gross inefficiency of coercion and intervention—these are the great truths that economic science, through deductive analysis from self-evident axioms, reveals to us. Praxeology cannot, by itself, pass ethical judgment or make policy decisions. Praxeology, through its Wertfrei laws, informs us that the workings of the voluntary principle and of the free market lead inexorably to freedom, prosperity, harmony, efficiency, and order; while coercion and government intervention lead inexorably to hegemony, conflict, exploitation of man by man, inefficiency, poverty, and chaos. At this point, praxeology retires from the scene; and it is up to the citizen—the ethicist—to choose his political course according to the values that he holds dear.


- Murray Rothbard