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AUSTRIAN SCHOOL OF ECONOMICS: A sub-set of Classical economic that rejects econometrics. It was based in the late 1800s, when it cut up from the Classical faculty, by Austrian’s Carl Menger, Frederich von Wiesner, and others 1 The Austrian faculty’s primary tenets include a fundamental believe the economic system is driven by individual individuals. It’s their subjective actions based mostly on data, expertise, and expectations that set demand and price, and in the end everything else that follows from that.
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