The Austrian School of Economics suggests that introducing a free private banking system is impractical and harmful to the economy. They believe that allowing only private banks to create money will prevent inflation and economic cycles. However, this system would lead to instability as different banks issue their own notes, causing confusion for both banks and the public. Private banks would constantly need to compete and guard against devaluation, with no guarantee of their stability. Ultimately, the Austrian economists argue that the proposed private banking system is not feasible and would have negative consequences for the economy.