The Subjectivism of the General Science of Human Action

The most popular objection raised against economics is that it neglects the irrationality of life and reality. The teachings of praxiology and economics are valid for every human action without regard to its underlying motives, causes and goals. If udemonism says happiness, if utilitarianism and economics say utility, we must interpret these terms in a subjectivistic way as that which acting man aims at because it is desirable in his eyes. It is in this formalism that the progress of the modern meaning of udemonism, hedonism and utilitarianism consists.