It is perhaps the most important and profound book ever written.  Yet how many, in their attempts to read it, have been stopped in their tracks by Part I?  In those 7 chapters, Mises lays out the philosophical underpinnings of economics and social philosophy.  So they are crucial for understanding the rest of the treatise.  Yet, for the reader not versed in philosophy, the technical terminology and references can be daunting.

In this course, David Gordon will clearly explain everything you need to know to make sense of the concepts presented in these chapters.  He will define the terms, provide background for the references, and make clear exactly what it is that Mises is saying in these passages.

If this classic has been sitting on your shelf or in your Kindle, just waiting for you to tackle it, there is no better way to start than with this course.

For other courses in this series, click here.

Independent Study

Independent study courses are courses that were offered live in the past. They are offered at a discount to students who want to independently take the course. They include lecture recordings, slides, a complete hyper-linked syllabus, automatically-graded quizzes, and a discussion forum. Professors are not available for academic support for independent study courses.

Chapters Covered

Introduction [ read in .pdf]

• Economics and Praxeology (p. 1)
• The Epistemological Problem of a General Theory of Human Action (p. 4)
• Economic Theory and the Practice of Human Action (p. 7)
• Resume (p. 10)

PART ONE
HUMAN ACTION

Chapter I. Acting Man [ read in .pdf] [See the Study Guide, Chap I]

• Purposeful Action and Animal Reaction (p. 11)
• The Prerequisites of Human Action (p. 13)
• Human Action as an Ultimate Given (p. 17)
• Rationality and Irrationality; Subjectivism and Objectivity of Praxeological Research (p. 19)
• Causality as a Requirement of Action (p. 22) 
• The Alter Ego (p. 23)

Chapter II. The Epistemological Problems of the Sciences of Human Action [ read in .pdf] [See the Study Guide, Chap II]

• Praxeology and History (p. 30)
• The Formal and Aprioristic Character of Praxeology (p. 32)
• The A Priori and Reality (p. 38)
• The Principle of Methodological Individualism (p. 41)
• The Principle of Methodological Singularism (p. 44)
• The Individual and Changing Features of Human Action (p. 46)
• The Scope and the Specific Method of History (p. 47)
• Conception and Understanding (p. 51)
• On Ideal Types (p. 59)
• The Procedure of Economics (p. 64)
• The Limitations on Praxeological Concepts (p. 69)

Chapter III. Economics and the Revolt Against Reason [ read in .pdf] [See the Study Guide, Chap III]

• The Revolt Against Reason (p. 72)
• The Logical Aspect of Polylogism (p. 75)
• The Praxeological Aspect of Polylogism (p. 76)
• Racial Polylogism (p. 84)
• Polylogism and Understanding (p. 86)
• The Case for Reason (p. 89)

Chapter IV. A First Analysis of the Category of Action [ read in .pdf] [See the Study Guide, Chap IV]

• Ends and Means (p. 92)
• The Scale of Value (p. 94)
• The Scale of Needs (p. 96)
• Action as an Exchange (p. 97)

Chapter V. Time [ read in .pdf] [See the Study Guide, Chap V]

• Time as a Praxeological Factor (p. 99)
• Past, Present, and Future (p. 100)
• The Economization of Time (p. 101)
• The Temporal Relation Between Actions (p. 102)

Chapter VI. Uncertainty [ read in .pdf] [See the Study Guide, Chap VI]

• Uncertainty and Acting (p. 105)
• The Meaning of Probability (p. 106)
• Class Probability (p. 107)
• Case Probability (p. 110)
• Numerical Evaluation of Case Probability (p. 113)
• Betting, Gambling, and Playing Games (p. 115)
• Praxeological Prediction (p. 117)

Chapter VII. Action Within the World [ read in .pdf] [See the Study Guide, Chap VII]

• The Law of Marginal Utility (p. 119)
• The Law of Returns (p. 127)
• Human Labor as a Means (p. 131)
• Production (p. 140)

Grades and Certificates

The final grade will depend on exams/quizzes. The Mises Academy is currently not accredited, however, some schools have accepted these credits. This course is worth 3 credits in the Mises Academy. We encourage you to ask your school to accept Mises Academy credits.  You will receive a digital Certificate of Completion for this course if you take it for a grade, and a Certificate of Participation if you take it on a paid-audit basis.