The Austrian school of economists stressed on the efficiency of the markets on the pretext that:

Question

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The Austrian school of economists believed that resources could be efficiently allocated through the price system and free markets, as they believed that individuals acting in their own self-interest would lead to a maximization of societal welfare. They argued that governmental intervention would only distort markets and lead to inefficiencies. While they did not deny the possibility of market failures, they believed that such failures were rare and that markets were generally self-correcting. They also acknowledged the existence of imperfect information but argued that this could be overcome through entrepreneurial discovery and innovation.

The Austrian School of Economists Stressed on the Efficiency of the Markets