Austrian Economics is a school of economic thought that emphasizes the importance of individual choice and subjective value in economic decision-making. It argues that markets function best when left free from government intervention, allowing individuals to pursue their own interests. Key figures in this tradition include Ludwig von Mises and Friedrich Hayek, who contributed to the understanding of how decentralized decision-making leads to efficient resource allocation. This approach also critiques central planning and advocates for the role of entrepreneurship in driving economic growth. Austrian economists focus on the long-term effects of monetary policy and the business cycle, highlighting the dangers of inflation and government overreach in the economy.