The 6 Key Lessons of the Austrian School of Economics, as outlined by Ludwig von Mises:

**Subjective Value**: Value is subjective and differs from person to person.

**Spontaneous Order**: Economic order emerges spontaneously from the actions of individuals.

**Time and Uncertainty**: Economic decisions are made over time and under conditions of uncertainty.

**Marginal Analysis**: Individuals make decisions at the margin, weighing costs and benefits.

**Private Property**: Private property rights are essential for economic coordination.

**Economic Calculation**: Markets facilitate economic calculation through prices.

These principles form the foundation of Austrian economics, emphasizing individual action, entrepreneurship, and the market process.

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Discussion

Do you need to be an Austrian economist to work this out?

I thought this was common sense!

+ opportunity costs

What is the definition of private "property"?

Do Elon Musk and Jeff Bezos fall into the category of successful Austrian Economists?