Austrian economics are a competing set of economic theories which disagree with Marxist economics. Austrian economics posits an economic base that can be described entirely by individual choices and individual 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.[1]
Austrian economics is largely associated with right-wing libertarianism, which itself maintains highly individualist and "free market" ideology.
References
- ↑ Political Economy: 'Economic Doctrines of the Capitalist Epoch; The Further Degeneration of Bourgeois Economic Science. Present-day Bourgeois Political Economy' (1954). [MIA]