Austrian Economics

The Austrian School of economics is a heterodox school of economic thought, build on the insights of Ludwig von Mises' science of Praxeology, namely that man is an individual with volition and that this power to choose must be taken as a fundamental starting point in economics. Austrian economists hold that economic theory must be derived exclusively from these fundamental principles of human action.

Founded by Carl Menger, the Austrian School of economics, is deeply rooted in Aristotelian philosophy. This Aristotelian influence extends through the works of Eugen Böhm-Bawerk and later Murray Rothbard. Rothbard's distinctive contribution was the application of praxeology to legal theory.