Austrian School

The Austrian School is a school of economic thought that emphasizes the importance of individual choice, subjective value, and the limitations of government intervention in the economy. Founded in the late 19th century by economists like Carl Menger and Ludwig von Mises, it argues that markets are best understood through the actions and decisions of individuals. The Austrian School advocates for free markets, entrepreneurship, and personal responsibility, asserting that economic phenomena are often complex and cannot be effectively managed by central planning or regulation. Its influence extends beyond economics to areas like philosophy, political theory, and sociology.