Austrian school

Definition

Economics

  • noun a school of economic study at the University of Vienna during the later part of the 19th century under Menger, which emphasised the concept of utility – i.e. the pleasure derived by the consumer from the product, as opposed to the value concepts of production and supply. Later Austrian economists developed the theory of interest and capital.
http://www.dictionarycentral.com/definition/austrian-school.html