Principles of Austrian Economics

The Austrian school offers a unique perspective on human action, the role of the entrepreneur, the market, capital, and the importance of individual freedom. Austrian economics is one of the most distinguished and intellectually rigorous schools of economic thought. It has a long history, with ideas dating back to at least the 16th and 17th centuries, experiencing an impressive renaissance. The Austrian school, in the true sense of the word, originated in the late 19th century and got its name from the fact that the founding fathers of the school—Carl Menger, Eugen von Böhm-Bawerk, Ludwig von Mises, and Friedrich von Hayek—all came from the Austrian Empire.

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