Revisiting the Concept of Schools of Thought in Economics: The Example of theAustrian School

In: The American journal of economics and sociology, Band 72, Heft 4, S. 983-1008

Abstract

AbstractThe aim of this article is to explore defining characteristics of schools of thought in economics, withAustrian economics chosen to illustrate some of the themes raised. This article argues that a school of thought can be interpreted as an entity that comprises both a system of thought and its member practitioners. Furthermore, a school of thought presupposes the existence of two elements:coherenceanddistinctiveness. Despite the existence ofMisesian andHayekian strands and thus of plurality within theAustrian school, the article argues for the existence of a broader notion ofcoherencewithin theAustrian school at the level of epistemology, methodology, and agenda/objectives.