What is the essence of praxeology?

0:00People are not stoned down, they're people who have choices, they have consciousness, they choose their purposes and goals, etc. And so this whole neoclassical economics is totally off on a wrong track. And so he thinks about this, he sets forth his views on praxeology, what he calls the correct, what he calls praxeology, the correct analysis, the Austrian analysis of individual action, where economics essentially deals with the logical implications of the fact that people act. How do you know that people act? You just look at yourself and look at other people. You see that they act. They don't like stones and atoms. They have purposes. On this knowledge, all the economic theory is deduced.