Definition, Meaning & Synonyms
praxeology
noun
/prakseˈɒlədʒi/
Definition
Praxeology is the study of human action and conduct, particularly within the context of economic theory.
Examples
- The economist applied praxeology to analyze consumer behavior during the recession.
- Praxeology provides insight into how people’s choices affect market dynamics.
- Through praxeology, we can better understand the motivations behind various economic phenomena.
Meaning
It focuses on understanding the choices and decisions made by individuals and how these actions influence economic outcomes.
Synonyms
- Action theory
- Behavioral economics
- Economic action
