The Austrian School

The Austrian School is an economic theory that emphasizes individual choices and actions in a free market. It argues that prices and economic phenomena are best understood through the lens of subjective value, meaning that value is determined by personal preferences rather than objective metrics. Key figures include Carl Menger, Friedrich Hayek, and Ludwig von Mises. They focus on the role of entrepreneurship, the importance of capital and time in production, and critique central planning and government intervention, believing that markets function best when left to operate freely without excessive regulation.