Austrian School of Economics
Exploring the theories of economies throughout the world while analyzing what works and what does not work. The Austrian School of Economics has certain theories concerning human psychology and behavior that dictates how people will act with resources. Some of the theories are very simple to understand in the way that supply and demand fuel what a price of an item or service will cost. A person who wants beef will pay the complete cost of beef because he/she will want said article. If a lot of people want beef, then the price of beef will increase and will cause people to find alternatives to the consumption of beef or maybe if they still want beef to buy beef. If no one wanted beef, the price of beef would fall until people begin to buy again. The same can be said about books or computers or services like plumbing and gardening. Regardless of the services or items, the economy is dictated by what people want and the price will adjust depending on what people will be willing to pay for the service or item. Sadly, there are forms of economics where this principle does not apply due to the artificial price increases or decreases. This causes problems because it prevents the competition of producers to produce the best product whether it be a best selling book or a football.