ABSTRACT
Austrian economics is often conceived of as a normative approach to economics in general and economic policy in particular. “Austrian” economists are said to favour private over state economic activity, to emphasize entrepreneurship over public rule making, and not only to insist on individualism as a method of inquiry (with the individual as the central unit of analysis), but likewise to propose individualism as a precept for economic policy. Such a programme would reveal more trust in private organization than public policy and institution building.
