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 supply and demand to determine prices. Key figures in this tradition include Ludwig von Mises and Friedrich Hayek, who contributed to the understanding of how economic systems operate. This approach also focuses on the role of entrepreneurship and the dynamic nature of the economy. Austrian economists believe that economic knowledge is dispersed among individuals, making central planning ineffective. They advocate for a free-market system to foster innovation and growth.