Lesson 1, Topic 1
In Progress

1.2 Key Principles of Austrian Economics

January 20, 2024

1.2.1 Methodological Individualism: Explore the principle of methodological individualism, which posits that economic phenomena can be best understood by analyzing the actions and decisions of individuals. Discuss how this approach differs from more collective or systemic viewpoints.

1.2.2 Subjective Value: Delve into the concept of subjective value, emphasizing that value is inherently subjective and varies among individuals. Illustrate this principle through practical examples to help students grasp its significance in Austrian economic thinking.

1.2.3 Market Process: Discuss the Austrian perspective on the market process, emphasizing spontaneous order and the decentralized coordination of individuals’ plans. Explore how markets, through voluntary exchanges, lead to social order without central planning.