The science of praxeology is closely related to economics, from which many of its concepts derive. Praxeology, however, encompasses far more than the money-related matters commonly associated with economics. Its principles extend to all purposeful human action, including not just business, finance, and commerce, but in addition noncommercial pursuits, leisure activities, and political processes. Praxeology examines not only the effects of governmental policies on the economy (often denoted by the rather old-fashioned term "political economy"), but also the effects of government on society and the effects of economic and social conditions upon a government. The full ramifications of such analysis will become apparent later in Section 5, where we shall examine feedback loops arising from the interaction of government with other human action.

A brief overview of this section appears in the following three pages. The student is encouraged to print a copy for future reference.      Next page

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