The Austrian School of Economics is a heterodox economic school that emphasizes methodological individualism, subjectivism, and the role of markets in the spontaneous order of the economy.
Founded by economists such as Carl Menger and Ludwig von Mises, it rejects mathematical modeling and central planning, advocating for free markets, limited government intervention, and a focus on individual actions and preferences.
The Austrian School has influenced economic thought, particularly in the fields of entrepreneurship, monetary theory, and the business cycle.