The Austrian School is a school of economic thought based on the actions of the individual person. It started in late 19th and early 20th century Vienna, Austria. 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.
Most economists today are critical of the Austrian School and their rejection of mathematics and statistics.
Important economists of the Austrian School of EconomicsEdit
- Carl Menger, Principles of Economics, online at https://www.mises.org/etexts/menger/principles.asp
- Boettke, Peter J. (2008). "Austrian School of Economics". In David R. Henderson (ed) (ed.). Concise Encyclopedia of Economics (2nd ed.). Library of Economics and Liberty]. ISBN 978-0865976658. OCLC 237794267.CS1 maint: extra text: editors list (link)
- Methodological individualism at the Stanford Encyclopedia of Philosophy
- Ludwig von Mises. Human Action, p. 11, 'Purposeful action and animal reaction'.
- Joseph A. Schumpeter 1996. History of economic analysis, Oxford University Press. ISBN 978-0195105599.