Austrian School Meaning:
A school of economic thought. It holds that the starting point for economic analysis should be man and the choices he makes, and that mathematical modeling of the market is too difficult because of the complexity of human behavior.
The Austrian School takes its name from its origins in Austria in the 19th century, but in the 20th century it was adopted by adherents in the United States. Austrian School economic thought is associated with advocating the removal of government restrictions of industry.