The Austrian school is a heterodox[1][2][3]school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result primarily from the motivations and actions of individuals and their self interest. Austrian-school theorists hold that economic theory should be exclusively derived from basic principles of human action.[4][5][6]
^Menger, Carl (2007) [1871]. Principles of Economics(PDF). Translated by Dingwall, James; Hoselitz, Bert F. Auburn, Alabama: Ludwig von Mises Institute.
^Heath, Joseph (1 May 2018). Zalta, Edward N. (ed.). The Stanford Encyclopedia of Philosophy. Metaphysics Research Lab, Stanford University. Retrieved 1 May 2018 – via Stanford Encyclopedia of Philosophy.
^Ludwig von Mises. Human Action, p. 11, "Purposeful Action and Animal Reaction". Referenced 2011-11-23.
^Joseph A. Schumpeter, History of economic analysis, Oxford University Press 1996, ISBN978-0195105599.