ABSTRACT
The freedom that the market economy grants to the individual is not merely ‘economic’ as distinguished from some other kind of freedom. It implies the freedom to determine also all those issues which are considered as moral, spiritual, and intellectual. A man’s freedom is most rigidly restricted by the laws of nature as well by the laws of praxeology. Praxeology in relation to human deeds is just such a grammar of action or logic of means-ends relationships or technology general comprehending tools to overcome practical situations man faces in his world. Praxiology students accept consciousness, purposefulness and voluntarilyness as characteristic futures of human behaviour that transform it into human action. The concept of bounded rationality provides a starting point for economic theory that deals with the areas of neglect without negating those findings of classical theory that have a good basis in empirical evidence.
