What is Austrian Economics?
I guess you mean the Austrian Economic school of thought. Basically they say that prices and transactions reveal information about motivations for exchange, rather than being of note in themselves. Motivations are generally quite complex and vary from person to person (or from trade to trade), so trying to mathematically model prices is no good. They are generally against mathematical and econometric modeling. They say that government intervention in markets generally makes the information that people can get about markets, through prices, more distorted. They say that business cycles occur because interest rates are controlled by the government and held artificially low (creating booms) or high (creating busts). I have a more detailed summary I did a while ago so if you want it just let me know. It’s about one and a half pages.
