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| [[File:Austrian School Economics.png|alt=Yes, It Really Is This Stupid|thumb|The economic behavior of humanity as theorized by Austrian economists]] | | [[File:Austrian School Economics.png|alt=Yes, It Really Is This Stupid|thumb|The Economic behavior of humanity as theorized by Austrian Economists]] |
| '''Austrian economics''' are a competing set of economic theories which disagree with [[Marxist economics]]. Austrian economics posits an [[Base and superstructure|economic base]] that can be described entirely by [[Individualism|individual]] choices and individual [[Great Man Theory|actors]] with a complete rejection of group behavior or larger society. Austrian economists promote a theory of [[marginal utility]] and claim that [[value]] is derived from the least urgent of human needs that a [[commodity]] satisfies.<ref name=":0">{{Citation|year=1954|title=Political Economy|chapter=Economic Doctrines of the Capitalist Epoch|chapter-url=https://www.marxists.org/subject/economy/authors/pe/pe-ch22.htm|section=The Further Degeneration of Bourgeois Economic Science. Present-day Bourgeois Political Economy|mia=https://www.marxists.org/subject/economy/authors/pe/index.htm}}</ref> | | '''Austrian economics''' are a competing set of economic theories who disagree with [[Marxist Economics]]. Austrian Economics posits an [[Base and superstructure|economic base]] that can be described entirely by [[Individualism|individual]] choices and individual [[Great Man Theory|actors]] with a complete rejection of group behavior or larger society. |
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| Austrian economics is largely associated with [[Libertarianism|right-wing libertarianism]], which itself maintains highly individualist and "[[free market]]" ideology. | | Austrian economics is largely associated with [[Libertarianism|Right-wing Libertarianism]], which itself maintains highly-individualist and "[[free market]]" ideology. |
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| == References ==
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| [[Category:Economics]] | | [[Category:Economics]] |
| [[Category:Libertarianism]] | | [[Category:Libertarianism]] |
| [[Category:Idealism]]
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