Austrian economics
Praxeology-based economic thought
Austrian economics is a school of economic thought emphasizing individual choice, subjective value, and skepticism of government intervention in markets.
It emerged from 19th-century Vienna and remains influential among libertarians and free-market advocates.
Austrian economists typically oppose central banking, favor the gold standard, and argue that business cycles result from artificial credit expansion rather than market failures.
- malinvestmentCapital deployed unproductively
- LibertarianismPhilosophy minimizing state authority
- human actionIntentional deed by people
- subjectivismBelief truth is personal
- price signalsCost changes conveying information
business cycle · capitalism · Hayek · central banking · fiat currency · economic freedom · free market · invisible hand · inflation · deregulation · boom and bust · gold standard · Federal Reserve · sound money · laissez-faire · Vienna · individualism · spontaneous order
- free marketsfree market, free enterprise, free trade, free markets, laissez-faire
- AustriaVienna, Salzburg, Innsbruck, Tyrol, Austrian flag
- Austria-HungaryAustro-Hungarian Empire, Habsburgs, Franz Joseph I, Habsburg, Austrian Empire
- praxeologyhuman action, means and ends, axioms, deductive logic, teleology
Austrian economicsKeynesian economics
Spending-driven macroeconomic theory
Keynesianism · interventionism · John Maynard Keynes · monetarism · Paul Krugman
Austrian economicscentral planning
Government directs all production
command economy · planned economy · Marxist economics · socialism · communism