The Austrian economics school is a framework that focuses on individual human action as the foundation for economic analysis. It emerged in the 19th century and is known for its advocacy of the free market, the importance of entrepreneurship, and its critique of government intervention and excessive money creation. Austrian economists argue that free market prices are the best way to coordinate economic activity, and that any attempt to plan the economy results in distortions and crises.

Key figures include:

1. Carl Menger: Founder of the Austrian school and author of the marginal utility theory.

2. Ludwig von Mises: Developed praxeology, the study of human action, and was a strong critic of socialism.

3. Friedrich Hayek: Advocate of spontaneous order in markets, Nobel Prize winner in Economics in 1974.

4. Murray Rothbard: A leading figure of anarcho-capitalism, he combined Austrian economics with radical libertarianism.

The Austrian school has had a major influence on libertarian thought and on movements advocating for reducing the role of the state in the economy.