On The Action Axiom
Decision theory and, hence, decision analysis are based on the maximum expected utility (MEU) action axiom. In general, the principle for action embodied by an action axiom (such as MEU) is highly defensible, and its scope is very broad.
The action-axiom is the basis of praxeology, and it is the basic proposition that all specimens of the species Homo sapiens, the Homo agens, purposefully utilize means over a period of time in order to achieved desired ends. In Human Action, Mises defined “action” in the sense of the action axiom by elucidating:
"Human action is purposeful behavior. Or we may say: Action is will put into operation and transformed into an agency, is aiming at ends and goals, is the ego's meaningful response to stimuli and to the conditions of its environment, is a person's conscious adjustment to the state of the universe that determines his life. Such paraphrases may clarify the definition given and prevent possible misinterpretations. But the definition itself is adequate and does not need complement of commentary."
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Famous quotes containing the words action and/or axiom:
“The beginning, middle, and end of the birth, growth, and perfection of whatever we behold is from contraries, by contraries, and to contraries; and whatever contrarity is, there is action and reaction, there is motion, diversity, multitude, and order, there are degrees, succession and vicissitude.”
—Giordano Bruno (1548–1600)
““You are bothered, I suppose, by the idea that you can’t possibly believe in miracles and mysteries, and therefore can’t make a good wife for Hazard. You might just as well make yourself unhappy by doubting whether you would make a good wife to me because you can’t believe the first axiom in Euclid. There is no science which does not begin by requiring you to believe the incredible.””
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