One of the greatest economic insights from the Austrian School of Economics is the emphasis on the subjective nature of value and the importance of individual preferences in economic decision-making.

This perspective, championed by economists like Ludwig von Mises and Carl Menger, highlights that value is not intrinsic to goods or services but rather arises from the subjective preferences of individuals.

This insight forms the basis for understanding market prices, consumer choice, and entrepreneurial decision-making in a dynamic and ever-changing economy.