Austrian Economics
Overview – A “heterodox” school of economics grounded primarily in the work of Mises, Hayek, Menger and Rothbard that advocates the purposeful economic decisions of the individual.
Mission Statement – The free market can solve most of our problems and the more we reduce government or eliminate government the better off we will all be.
General view of the economy – The less the government is involved in the economy the better it will perform.
How to fix the economy – We can fix the economy by reducing government and central bank involvement in free market forces.
What they love – Austrian Business Cycle Theory, free markets, individual freedoms and unfettered capitalism.
What they hate – Paul Krugman, the Federal Reserve, “Keynesians” and anyone who advocates for government intervention in markets.
Notable Pundits – Peter Schiff, Robert Murphy& Tom Woods.
Famous Dead Economist Associated with School – Ludwig von Mises, Friedrich Hayek, Carl Menger & Murray Rothbard.
Political Associations – Libertarians, conservatives, extreme conservatives and just about anyone who dislikes the government.
Preferred form of communication – Generally aggressive promotion of anti-government views through blog comments and conservative media.
Further Reading:
1 – What is Austrian Economics? – Mises.org
2- Understanding “Austrian” Economics – Hazlitt
3 – Austrian Business Cycle Theory, A Brief Explanation – Mahoney
4 – Austrian School of Economics – Boettke