| Austrian School: The Austrian School is an economic school of thought that originated in Vienna in the 19th century. It emphasizes individual action, the subjectivity of values, and the market process. Important representatives such as Carl Menger, Ludwig von Mises, and Friedrich Hayek shaped concepts such as marginal utility, spontaneous order, and criticism of state intervention. Its methodology is based on praxeology, the study of human action. Also see Ludwig von Mises, Friedrich A. von Hayek, Carl Menger, Method. |
