The Austrian School of Economics is a tradition of economic thought that emphasizes the spontaneous order of the market and the importance of individual decision-making. The school was founded in the late 19th century by Carl Menger, and was later developed by other notable economists such as Friedrich Hayek and Ludwig von Mises. Key ideas include subjective value theory, marginal analysis, and the role of entrepreneurship in economic growth. The school has had a significant impact on economics.