The Identity and Mission of Praxeogenic Economics

We must turn to the question we first posed: What is Praxeogenic Economics? The answer is now fuller, deeper, and more precise. Praxeogenic Economics is a distinct, rigorous, and forward-looking school of economic thought that advances Austrian Economics in two directions—structural theory and illustrative methodology—without compromising its core commitments to human action, methodological dualism, and causal realism.

A. A New Foundation for Economic Science

Praxeogenic Economics is not a reformulation of neoclassical models in Austrian dress. It is a new foundation for economic science built on the following assumptions:

• Human beings act purposefully, choosing means to attain ends in conditions of uncertainty and scarcity.

• Economic reality is temporal, historical, and always in formation. There are no equilibria—only evolving structures.

• Capital is intertemporal, heterogeneous, and coordinated through entrepreneurial foresight, not government planning.

• Theory is primary. It cannot be falsified by data, but it can be illustrated by intelligently structured metrics.

• Empiricism serves theory, not the other way around. Austrian Econometrics is an interpretive science, not a predictive one.

In this way, Praxeogenic Economics not only stands as a corrective to the dominant positivist paradigm, but also as a constructive proposal for a new economic science—deeply Austrian in origin, praxeogenic in method, and formational in vision.

B. The Mission: A Generative Science for a Generative World

The goal of Praxeogenic Economics is not merely to critique. It is to generate—to offer a generative science for a generative world. Just as economic orders are formed by action, so too must economic theory be formed by disciplined thought, faithful methodology, and creative construction.

This is a call to economists, theorists, entrepreneurs, and educators: to think anew about how we understand value, capital, exchange, and production. It is a call to abandon the false security of predictive modeling and to embrace the realism of interpretive clarity. It is a call to build—to form—an economic science as dynamic, truthful, and human as the world it seeks to explain.

Praxeogenic Economics stands at the threshold of this possibility. The chapters to follow will elaborate its foundations, trace its history, formalize its tools, and apply its insights to the great economic questions of our time.