The Austrian School of economics is a school of thought that stresses the importance of individual freedom and market forces in shaping economic outcomes. It rose to prominence in the late 19th and early 20th centuries, and its ideas influenced policymaking in both Europe and the United States. Today, the Austrian School is still highly respected by many economists, even though it remains a minority viewpoint within the profession.

The Austrian School has been particularly influential in two areas: its emphasis on individual freedom as a key determinant of economic outcomes, and its focus on market forces as the primary driver of economic activity. These two themes have helped shape modern libertarianism, a political philosophy that stresses individual liberty and limited government intervention in the economy.

The Austrian School traces its roots back to the work of economists like Carl Menger and Eugen von Böhm-Bawerk, who were among the first to stress the importance of individual choice and market forces in economic decision-making. In the 20th century, Austrian economics was further developed by Friedrich Hayek and Ludwig von Mises, who emphasized the role of prices in coordinating economic activity.

Since the 1970s, the Austrian School has been gaining popularity again, as its focus on individual liberty and free markets has resonated with many people dissatisfied with government intervention in the economy. In recent years, Austrians have been at the forefront of debates about economics, particularly in the areas of monetary policy and financial regulation.

The Austrian School is a valuable perspective in economics, even though it remains a minority viewpoint. Its focus on individual freedom and market forces helps to explain why economies tend to work best when government intervention is kept to a minimum.