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Capitalism The Austrian School of economics emphasizes the spontaneous organizing power of the price mechanism, believes the complexity of subjective human choices makes mathematical modelling of the evolving market extremely difficult (or impossible) and therefore advocates a "laissez faire" approach to the economy, with the smallest possible imposition of "non-consensual" (especially government-imposed) commercial transactions and the maximum openness to individual choice (including free choice as to the voluntary means of exchange). Although its contemporary status is somewhat obscure and despite the fact that few academic economists are followers of the Austrian School, it does have a long unbroken tradition dating back to the late 19th century and has a number of prominent supporters (including U.S. Congressman and former Presidential candidate Ron Paul). The Austrian School takes its name from the nationality of a number of its initial founders and supporters, including Friedrich Hayek. Another key figure in the Austrian School, Ludwig von Mises, grew up in an area which was part of the old Austro-Hungarian Empire but which is now part of the Ukraine. Supporters and proponents of the Austrian School can come from any part of the world, and, ironically, there are now few Austrian economists actually living in Austria.
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