Today the Austrian school of economics still has
some adherents in the US, though fewer in Europe,
and is underrepresented in business schools and
economic teaching in general. Although ardently
in favour of free markets and hostile to most
government intervention, it differs from mainstream
(neo-classical) economics in a few significant respects.
One vital distinction is the importance it attaches
to psychology. Ludwig von Mises, among the
most influential of Austrian economists, believed
that economics as a discipline was subordinate to
psychology. He proposed a science of human decision
making and action, which he called praxeology,
to some extent foreshadowing what has become
behavioural economics and neuroeconomics.