Austrian School of Economics
The Austrian School of Economics is a school of economic thought that emphasizes the importance of individual actions and decisions in the marketplace. It argues that economic phenomena arise from the choices of individuals rather than from aggregate data or government interventions. Key concepts include subjective value, the role of entrepreneurship, and the significance of time in economic processes.
Founded in the late 19th century, the Austrian School includes notable figures such as Carl Menger, Ludwig von Mises, and Friedrich Hayek. These economists advocate for free markets and limited government, believing that voluntary exchanges lead to better outcomes for society.