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Economics (Austrian) - Institute for Liberal Values
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Economics (Austrian)

Austrian economics is properly called "the school of Austrian economics" simply because the main economists who discovered the truths implicit in this view were living in Vienna. Austrian economics remains one of the most vibrant, internally consistent, perspectives regarding economics. While it is consistent with classical liberal beliefs one can be an Austrian without supporting liberalism. Indeed even some Austrians have been on the left and others flirted with nationalism or other ideologies not consistent with liberalism.

"The meaning of economic freedom is this: that the individual is in a position to choose the way in which he wants to integrate himself into the totality of society." - Ludwig von Mises

"The program of liberalism, therefore, if condensed into a single word, would have to read: property, that is, private ownership of the means of production ... All the other demands of liberalism follow from this fundamental demand. Side by side with the word 'property' in the program of liberalism one may quite appropriately place the words 'freedom' and 'peace.'" - Ludwig von Mises


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