Austrian economics
The Austrian School is a school of economic thought that is based on methodological individualism. It originated in late-19th and early-20th century Vienna with the work of Carl Menger, Eugen von Böh...
Austrian economics - Wikipedia
Austrian business cycle theory
The Austrian business cycle theory (ABCT) is an economic theory developed by the Austrian School of economics about how business cycles occur. The theory views business cycles as the consequence of ex...
Economic calculation problem
The economic calculation problem is a criticism of using economic planning as a substitute for market-based allocation of the factors of production. It was first proposed by Ludwig von Mises in his 19...
Opportunity cost
In microeconomic theory, the opportunity cost of a choice is the value of the best alternative forgone, in a situation in which a choice needs to be made between several mutually exclusive alternative...
Praxeology
Praxeology (Gr. πρᾶξις (praxis) ″action″, λόγος (logos) ″talk, speech″) is the deductive study of human action based on the notion that humans engage in purposeful behavior, as opposed to reflexive be...