Austrian School of Economics

The Austrian School of Economics is a perspective that emphasizes the importance of individual choices and the role of entrepreneurship in the economy. It argues that markets function best when left free from government intervention, as individuals make decisions based on their personal knowledge and circumstances. The school also highlights the significance of time and uncertainty in economic processes, suggesting that subjective value determines prices rather than intrinsic properties. Key figures include Carl Menger, Ludwig von Mises, and Friedrich Hayek, who all contributed to understanding how economic phenomena arise from human actions and interactions.