Praxeology is a philosophical and economic theory defined as the study of human action. It is built upon the fundamental premise that human beings engage in purposeful behavior, meaning they act with specific ends in mind, as opposed to reflexive or unintentional movements.
By focusing on the logical structure of these actions, praxeology seeks to establish universal truths about human behavior. It operates on the assumption that because humans act to achieve goals, their choices follow a consistent, logical pattern. This theory serves as the primary epistemological basis for the Austrian school, providing a framework for deriving economic laws without relying on historical or statistical data.