Austrian Economics

A heterodox school of economics that attempts to reason about human behaviour from first principles and deductive reasoning instead of quantitative analysis. Popular in the early 20th century but largely rejected by the modern academy.

This school of thought has seen a resurgence in relation to crypto assets. These ideas often resonate with advocacy for the gold standard and libertarianism.

Prominent thinkers in the Austrian tradition are:

  • Murry Rothbards
  • Ludwig von Mises
  • Friedrich Hayek
  • Saifedean Ammous

Austrian economics is now widely regarded as a heterodox or crank school of economics in light of recent scholarship. See Criticism of Austrian Economics.


  1. Krugman, Paul. "The hangover theory." Slate. December 3 (1998).
  2. Krugman, Paul (7 April 2010). "The Conscience of a Liberal: Martin And The Austrians". The New York Times. Archived from the original on 23 September 2011.
  3. Friedrich, Carl J. "The Road to Serfdom." (1945): 575-579.