Austrian School facts for kids

Kids Encyclopedia Facts

The Austrian School is a school of economic thought based on the actions of the individual person. It started in late 19th and early 20th century Vienna, Austria. It is referred to as Austrian economics, because the primary economists were Austrian although its followers are from all over the world today.

Followers of the Austrian school criticize central planning, government price controls and other state regulations. They say that it is impossible for government bureaucrats to make decisions about production or the prices of goods and services because they do not have the knowledge that millions of individual consumers have.

Followers of the Austrian school also criticize government inflation of the money supply.

Important economists of the Austrian School of Economics

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Austrian School Facts for Kids. Kiddle Encyclopedia.