Austrian School

The Austrian School is a way of thinking about economics. It is based on the actions of the individual person.Carl Menger, Principles of Economics, online at https://www.mises.org/etexts/menger/principles.asp Methodological individualism at the Stanford Encyclopedia of Philosophy Ludwig von Mises. Human Action, p. 11, 'Purposeful action and animal reaction'. It started in late 19th and early 20th century Vienna, Austria.Joseph A. Schumpeter 1996. History of economic analysis, Oxford University Press. . It is referred to as Austrian economics, because the primary economists were Austrian although its followers are from all over the world today.

Followers of the Austrian school criticize central planning, government price controls and other state regulations. They say that it is impossible for government institutions to make comparatively better decisions about production or the prices of goods and services because they do not have the knowledge or flexibility that millions of individual consumers have. Followers of the Austrian school also criticize government inflation of the money supply.

 Important economists of the Austrian School of Economics 
Carl Menger
Eugen von Bohm-Bawerk
Ludwig von Mises
Friedrich Hayek 
Yuri Maltsev
Murray Rothbard

 References 

Category:Economic theories
Category:Libertarianism