Topic summary
Austrian-school
Extracted from the Wikipedia article Austrian school of economics.
The Austrian school of economics is a heterodoxschool of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result primarily from the motivations and actions of individuals along with their self-interest. Austrian-school theorists hold that economic theory should be exclusively derived from basic axioms of human action, known as praxeology, rather than primarily from statistical analysis.