Austrian Economics

Today, we’re diving into a school of economic thought that champions freedom, distrusts central planning, and sees recessions not as problems to be solved — but as necessary corrections. This is Austrian Economics, a perspective rooted in individual choice, sound money, and skepticism toward government interference. Let’s get smarter. To understand Austrian economics, we need to start with its origins. The Austrian School began in the late 19th century, with Carl Menger, who argued that value is subjective — determined not by the labor it takes to produce something, but by how much someone wants it. This was a major shift from classical economics.