Focusing on the actions of the individual is one of the core concepts of Austrian economics, as explained by Menger: “There is no economic phenomenon that does not ultimately find its origin and measure in the economically acting human and his economic deliberations.”4 The Austrians don’t shy from studying complex “macro” phenomena, but the crucial point is that they seek to explain such events by tracing them back to the actions and motivations of the individuals involved.
Complexity
