Austrian School

The Austrian School is a way of thinking about economics. It is 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 institutions to make comparatively better decisions about production or the prices of goods and services because they do not have the knowledge or flexibility that millions of individual consumers have. Followers of the Austrian school also criticize government inflation of the money supply.