I've already admitted publicly that I've not been able to get through Human Action -- not yet, anyway -- so that fact, coupled with this selection as Freedom Book of the Month, says a lot about The Ultimate Foundation of Economic Science. Subtitled An Essay on Method, Ludwig von Mises' last book examines the proper application of scientific methods and philosophical ideas. While that might seem a dull subject, remember that we're talking about von Mises and praxeology -- the study of human action. 
First published in 1962, one might read The Ultimate Foundation of Economic Science and think the book is a little out of step with modern times. After all, free-market ideas have gained much ground in the 40 intervening years, and logical positivism, which receives much attention in the essay, seems to be waning. Many other "isms," however, persist in academic and mainstream circles -- namely, materialism, hard-core empiricism, and monism -- and von Mises takes each to task deftly and justly. His views on studying human action can seem a bit radical, for he divides that study into "history" and "praxeology" (psychology and the other behavioral sciences go into the "history" category), but, agree with it or not (I'm not sure I do), his justification is well thought out, and persuasive.
A slim volume, weighing in at 133 pages, The Ultimate Foundation of Economic Science is packed with ideas. Von Mises sweeps from showing a thorough understanding of Darwin's theory of natural selection (which many current biologists seem yet to get) to holding forth on epistemology. As an experimental psychologist, I found his critiques of research methods across the sciences particularly informative and on target. Yet one need not have an advanced degree, or any degree, to find value in this book.
For those of you who have been intimidated by other of Ludwig von Mises' books, The Ultimate Foundation of Economic Science is likely to be a good introduction to his brilliance. Yes, you'll likely need a good dictionary beside you (unless your conversation is sprinkled with terms like "ampliative" and "supererogatory"), but the time invested into comprehending his ideas will be well worth it. If anything, von Mises' ideas have aged well in the time since The Ultimate Foundation of Economic Science was first published, and like a fine wine, continue to sparkle and show a first-rate lineage.
Order The Ultimate Foundation of Economic Science from Laissez Faire Books, $14.95.
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