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The '''Austrian school of economics''' is the [[libertarian]] philosophy applied to the field of economics:  reduce government involvement in everything.  It views all value as subjective, and that efficiency consists of maximizing value as sought by each individual.  It avoids mathematics because it does not feel math can capture the complexities of the economic world, which it thinks are due to trial-and-error processes.  Like [[libertarian|libertarians]], Austrian economists are very much in favor of the individual and against government, even to the point of opposing tariffs and [[Antitrust law]]s.

The '''Austrian school of economics''' is the [[libertarian]] philosophy applied to the field of economics:  reduce government involvement in everything.  It views all value as subjective, and that efficiency consists of maximizing value as sought by each individual.  It avoids mathematics because it does not feel math can capture the complexities of the economic world, which it thinks are due to trial-and-error processes.  Like [[libertarian|libertarians]], Austrian economists are very much in favor of the individual and against government, even to the point of opposing tariffs and [[Antitrust law]]s.

 

The Austrian school of economics opposed the inflationary approach of [[Keynesian economics]], and thus is favored by many conservatives on that basis.  But Austrian economists also typically oppose government attempts to maintain or defend morality, as in traditional marriage.

The Austrian school of economics opposed the inflationary approach of [[Keynesian economics]], and thus is favored by many conservatives on that basis.  But Austrian economists also typically oppose government attempts to maintain or defend morality, as in traditional marriage.