I found a great explanation of Austrian Economics and the principles thereof recently, which is worth sharing with those of you that are interested in the more academic and technical aspects of economics. It can be found here. The rules that define the school (on a base level of course), to pique your interest, are as follows, with all being essential and 5 & 6 being of particular importance:
Proposition 1: Only individuals choose.
Proposition 2: The study of the market order is fundamentally about exchange behavior and the institutions within which exchanges take place.
Proposition 3: The “facts” of the social sciences are what people believe and think.
Proposition 4: Utility and costs are subjective.
Proposition 5: The price system economizes on the information that people need to process in making their decisions.
Proposition 6: Private property in the means of production is a necessary condition for rational economic calculation.
Proposition 7: The competitive market is a process of entrepreneurial discovery.
Proposition 8: Money is nonneutral.
Proposition 9: The capital structure consists of heterogeneous goods that have multispecific uses that must be aligned.
Proposition 10: Social institutions often are the result of human action, but not of human design.
If praxeology is your thing, this explanation may give a decent synopsis of the dismal science…