Austrian School of Philosophy

The Austrian School of Philosophy is an economic and philosophical tradition emphasizing individual choice, free markets, and the importance of personal knowledge in decision-making. It believes that individuals, rather than governments, best understand their needs and that voluntary exchanges create wealth. Developed in the late 19th and early 20th centuries by thinkers like Carl Menger and Ludwig von Mises, it advocates for minimal government intervention, trusting that free markets efficiently allocate resources. The school also emphasizes the subjective nature of value—meaning worth varies based on personal preferences—and promotes understanding market dynamics through human action and individual motives.