There is a detailed explanation of Austrian economics at The Concise Encyclopedia of Economics. In summary:

1. Only individuals choose.
2. The study of the market order is fundamentally about exchange behavior and the institutions within which exchanges take place.
3. The “facts” of the social sciences are what people believe and think.
4. Utility and costs are subjective.
5. The price system economizes on the information that people need to process in making their decisions.
6. Private property in the means of production is a necessary condition for rational economic calculation.
7. The competitive market is a process of entrepreneurial discovery.
8. Money is nonneutral.
9. The capital structure consists of heterogeneous goods that have multispecific uses that must be aligned.
10. Social institutions often are the result of human action, but not of human design.

Read the whole thing. Then take the 10-question quiz about Austrian economics at the website of the Ludwig von Mises Institute. I took the quiz a few years ago, and found that I was 95-percent Austrian in my economic views. Upon sober reflection, I remain obdurate in my “Chicago” answer to question 6, and therefore 95-percent Austrian.

If you don’t want to bother with the quiz, the questions and Austrian answers are below the fold. Continue reading “Are You an Austrian?” →