Carl Menger
The Institute is founded in Misesian praxeology ('the logic of action'), that holds that economic science is a deductive science rather than an empirical science. Developed by Ludwig von Mises, following the "Methodenstreit" opined by Carl Menger, it is a self-conscious opposition to the mathematical modeling and hypothesis-testing used to justify knowledge in neoclassical economics. Externally, this economic method usually is considered a form of heterodox economics.