Austrian Economics

Austrian Economics is a school of thought that emphasizes individual choice, subjective value, and free markets. It argues that economic phenomena arise from human actions and interactions, rather than from mathematical models or government intervention. In the context of Libertarianism, it advocates for minimal government, positing that voluntary exchanges in a free market lead to more efficient resource allocation and personal freedom. Key figures include Ludwig von Mises and Friedrich Hayek, who argued against central planning and for the importance of entrepreneurship and innovation in driving economic progress.