Austrian Economics is a school of economic thought that is based on the teachings of classical economists like Adam Smith, David Ricardo, and Carl Menger. It emphasizes the importance of individual choice and the role of the entrepreneur in the economy. Austrian economists believe that markets are efficient and that government intervention should be kept to a minimum. They also believe that economic cycles are caused by changes in the money supply and that government intervention can cause economic distortions. Austrian economics also emphasizes the importance of free markets and the need for competition. It focuses on the role of the individual in economic decision-making and the importance of economic freedom. Austrian economists are skeptical of government intervention and advocate for laissez-faire economics. They believe that the free market will lead to economic prosperity and that government interference will lead to economic distortions and inefficiencies. Austrian economics is a unique school of thought that has been influential in the development of modern economics.
Worksheets for Austrian Economics are available under the following sub-topics:
