Austrian Economics

Austrian economists, such as Menger, Mises, Hayek and Rothbard, hold the view that value is subjective, and an item's value is derived from how well it satisfies an individual's needs, rather than from the labor required to produce it. They posit that it is impossible to centrally plan an economy, since it is a dynamic unfolding based on billions of individuals' choices moment-to-moment. They believe a free-market works well, and that taxes and subsidies interfere with honest human action.

"The fact is that under a capitalistic system, the ultimate bosses are the consumers. The sovereign is not the state, it is the people." - Ludwig von Mises