Which economic thought talks about methodological individualism, or the idea that people will act in meaningful ways which can be analysed?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. Austrian economic thought.
- Austrian school of economics, body of economic theory developed in the late 19th century by Austrian economists which talks about methodological individualism, or the idea that people will act in meaningful ways which can be analysed.
- The theory helped in determining the value of a product, emphasized the importance of its utility to the consumer.