Find more at Marginal Revolution. If you need a quick and dirty definition, Austrian economists believe that human interactions are so psychologically complex that it is impossible to mathematically model, but somehow their intuition describes societies perfectly and that intuition leads to some very laissez faire answers. Their favorite activities include demonstrating that "mainstream" (whatever that means) economic models are false (particularly with regard to monetary policy), that government policies always have unintended consequences, and that people's actions describe what they want better than their stated preferences. That should give you enough info to understand most of them.
What do you call 100 Austrian Economists at the bottom of the ocean?
A reaction to monetary policy incompatible with individual time preference.
-- submitted by Beamish
Non-Austrian economist: 'Linda Evangelista doesn't get out of bed for less than USD 10k per day'
Austrian economist: 'That model doesn't work'.
-- submitted by nick
How many Austrian economists does it take to change a lightbulb?
A) Zero, they expect the market to do it. -- drtaxsacto
B) All of them. First Ludwig von Mises personally changes the lightbulb, then the remainder spend the next 80 years praising how well he did it. -- steve
C) It used to only take one, until the government started training more Austrian economists... -- sleepy_commentator
D) It is impossible to make quantitative predictions. -- Trent McBride
When an economic crisis comes, [mainstream] economist says "Market is a failure!" The Austrian economist says "Government is a failure!" Everybody else says "Economists are a failure!"
-- Michael F. Marton
Two middle-age women walk into a bar. The first one said, "I really want a husband." The second one, who was also an Austrian economist, said "I can prove that you are lying." -- mobile
Austrian economists never die; they are just dragged kicking and screaming into equilibrium. -- Cyrus
I once told a joke that I believe I learned from Roger Garrison. I told it to a mixed group of Austrian and non-Austrian graduate students. "There are three kinds of Austrian economists. Those who can count and those who cannot." The non-Austrians got it; the Austrians did not! -- Mario Rizzo