What is the Austrian Economic School of thought?
—-quote—- The Austrian School (also known as the Vienna School or the Psychological School) is a school of economic thought that emphasizes the spontaneous organizing power of the price mechanism or price system. Austrians hold that the complexity of human behavior makes mathematical modeling of the evolving market extremely difficult (or undecidable) and advocate a laissez faire approach to the economy. Austrian School economists advocate the strict enforcement of voluntary contractual agreements between economic agents, and hold that commercial transactions should be subject to the smallest possible imposition of forces they consider to be coercive (in particular the smallest possible amount of government intervention). —-quote—- Information quoted from http://en.wikipedia.org/wiki/Austrian_School —-quote—- Classical economics focused on the labour theory of value, which holds that the value of a commodity is equal to the amount of labour required to produce it. In the la
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