The Austrian School of Economics holds that the complexity of human behavior makes mathematical modeling of the evolving market extremely difficult (or undecidable). They advocate a laissez-faire approach to the economy. Austrian School economists advocate the strict enforcement of voluntary contractual agreements between economic agents, and hold that commercial transactions should be subject to the smallest possible imposition of forces they consider to be coercive (in particular the smallest possible amount of government intervention). Some important figures involved with the Austrian school of economics include the following: Carl Menger, Ludwig Von Mises, and Friedrich von Hayek.

The School derives its name from its predominantly Austrian founders and early supporters, first of which was Carl Menger, one of the main contributors to the 'marginal utility revolution'. The 'Austrian School' comes from a derisive name of the German Historical School of economics, who argued against the Austrians during the Methodenstreit ("methodology struggle").

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