Only for those unfamiliar with the Austrian School of Economics ...
The Austrian School is a school of economic thought that emphasizes the spontaneous organizing power of the price mechanism.
The Austrian School was influential in the late 19th and early 20th century. Austrian contributions to mainstream economic thought include involvement in the development of the neoclassical theory of value and the subjective theory of value on which it is based, as well as contributions to the “economic calculation debate” which concerns the allocative properties of a centrally planned economy versus a decentralized free market economy.
From the middle of the 20th century onwards, it has been considered outside the mainstream.
Its name derives from the identity of its founders and early supporters, who were citizens of the old Austrian Habsburg Empire, including Carl Menger, Eugen von Böhm-Bawerk, Ludwig von Mises, and Nobel laureate Friedrich Hayek.
Currently, adherents of the Austrian School can come from any part of the world, but they are often referred to simply as Austrian economists and their work as Austrian economics.
I wish my friends and family understood these issues better. To wake them up, I’m asking for silver for Christmas. I hope they will learn a bit about monetary policy and economics when they go shopping for a silver coin or trinket.
‘Austrian’ Economics explains the real world since it deals with purposeful human action, unlike the fantasy models put forth by other economic schools.