Definitions

1. noun

The study of human economic activity and the laws that govern it, often focusing on the actions and decisions of individuals within a market economy.

“Economists argue that praxeology provides a more accurate understanding of human behavior in economic systems than traditional economic theories.”

2. noun

A branch of economics that focuses on the study of human action and the underlying principles that guide decision-making.

“The professor’s course on praxeology explored the intersection of economics and philosophy.”