|Posted by andrewmoodie on November 28, 2010 at 8:58 PM|
As I was doing research for Big Ideas today, I came across this economic theory that is espoused by Ron Paul (Yeah, I know, that Ron Paul) created by the Austrian school of economics. The Austrian School is a heterodox school of economic thought that emphasizes the spontaneous organizing power of the price mechanism. (Wikipedia) The super reductive explanation is: They are laissez faire capitalists who don't believe in mathmatical study of market economy. Instead they believe you can deduce what markets will do based on studying human behavior.
This study of human actions they called Praxeology. And I have to admit, even though I think their economic theory is complete and utter crap that has brought the American economy to the brink of complete collapse, I do however believe that the job of the artist is to be a Praxeologist. In the dramatic arts in particular, we study human behavior and motivations all the time.
So as much as I am opposed to the economic theories of the Austrian School, I do like the nifty little word they've given to explain what I do for a living.
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