The Ultimate Foundation Of Economic Science

The Ultimate Foundation of Economic Science: An Essay on Method is a book written by the Austrian economist Ludwig von Mises in 1962. The book is a treatise on the methodological foundations of economics, which Mises argues should be based on a priori reasoning rather than empirical observation. Mises begins by explaining the importance of methodology in economics and the need for a clear understanding of the principles that underlie economic analysis. He argues that the only way to achieve this is through a rigorous application of deductive logic, which allows economists to derive the fundamental laws of economics from a few basic axioms. The book goes on to explore the nature of economic theory and the role of assumptions and simplifications in economic analysis. Mises argues that economic theory must be grounded in a realistic understanding of human action and that assumptions and simplifications should be used only to clarify and simplify the analysis, not to distort it. Mises also discusses the limitations of empirical observation in economics and the dangers of relying too heavily on statistical analysis. He argues that economics is fundamentally different from the natural sciences and that the laws of economics cannot be discovered through observation alone. Overall, The Ultimate Foundation of Economic Science is a seminal work in the field of economics and a must-read for anyone interested in the methodology of economic analysis. Mises' arguments continue to influence economic thinking to this day and the book remains a classic of economic literature.This scarce antiquarian book is a facsimile reprint of the old original and may contain some imperfections such as library marks and notations. Because we believe this work is culturally important, we have made it available as part of our commitment for protecting, preserving, and promoting the world's literature in affordable, high quality, modern editions, that are true to their original work.