The Austrian School of Economics is unique to other schools of economic thought insofar as it expounds on the genuine nature of behavioral economics. The Austrians werent only economists but philosophers. The Misesean theory of human action revolutionized how economic theory is applied to determine how economies function and why. The Misesean theory of rationality didnt purport that all humans make rational decisions but that rationality constituted purposeful behavior for desired ends and although man doesnt always anticipate a good or bad outcome, he has the capacity to judge ex ante a course of action to lead to a preferred state of affairs and judge success from failure.
Posted on: Mon, 02 Dec 2013 03:50:24 +0000
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