Austrian Economics is an economic theory that emphasizes the importance of individual choice, entrepreneurship, and the role of markets in determining the allocation of resources. It is based on the idea that society’s economic decisions are best determined by the individuals who make them, rather than by government or other external forces. Austrian economists focus on the ability of individuals to make decisions that are in their best interest and how those decisions affect the overall economy. Austrian economists also stress the importance of entrepreneurship, innovation, and the role of markets in allocating resources. They believe that markets are the most efficient way to allocate resources, and that government intervention should be limited. Austrian economics also emphasizes the importance of sound money and the need for a stable currency. It is a school of thought that is often associated with the Austrian School of Economics, which was founded by economists such as Carl Menger, Ludwig von Mises, and Friedrich Hayek.
Worksheets for Austrian Economics are available under the following sub-topics:
