Austrian Economics

Created: 2022-12-27
Status: #soil
Last Edited: 2022-12-27
Topic: economics

What is Austrian Economics?

Austrian economics is a school of economic thought based on the work of economists such as Carl Menger, Ludwig von Mises, Friedrich Hayek, and Murray Rothbard. It emphasizes the importance of free markets, individual liberty, and entrepreneurship.

What characterises Austrian Economics?

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Austrian economics is often associated with laissez-faire capitalism and is critical of government intervention in the economy. It emphasizes the importance of subjective value theory and marginal utility in explaining economic phenomena.

Austrian economists are also known for their support of sound money and opposition to central banking.