This group is for everyone interested in studying and discussing the Austrian School of Economics. Critical questions ond objections are welcome.
The Austrian School was founded by Carl Menger and most prominently represented by Friedrich A. Hayek (group photo left with his mentor, Ludwig von Mises). Its core premise is that all economic phenomena can and must be traced back to their universal building blocks: individual human action, the "atom" of sound economic science. Austrian Economics is therefore "much more than merely a theory of the 'economic side' of human endeavors. It is the science of every kind of human action" (Mises). The distinction between "micro"- and "macroeconomics" is considered lacking useful meaning and hiding crucial economic patterns, in particular how business cycles are caused by expansions of the money supply.