Liberty-Finder

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The Austrian School (also known as the Vienna School or the Psychological School) is a school of economic thought that emphasizes the spontaneous organizing power of the price mechanism. Austrians hold that the complexity of subjective human choices makes mathematical modelling of the evolving market extremely difficult (or undecidable) and advocate a laissez faire approach to the economy. Austrian School economists advocate the strict enforcement of voluntary contractual agreements between economic agents, and hold that commercial transactions should be subject to the smallest possible imposition of forces they consider to be coercive (in particular the smallest possible amount of government intervention).

The Austrian School derives its name from its predominantly Austrian founders and early supporters, including Carl Menger, Eugen von Böhm-Bawerk and Ludwig von Mises. Other prominent Austrian School economists of the 20th century include Henry Hazlitt, Murray Rothbard, and Nobel Laureate Friedrich Hayek. (CC Wikipedia)

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