Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/248440 
Year of Publication: 
2021
Series/Report no.: 
CHOPE Working Paper No. 2021-24
Publisher: 
Duke University, Center for the History of Political Economy (CHOPE), Durham, NC
Abstract: 
Carl Menger's Principles of Economics, published in 1871, is usually regarded as the founding document of the Austrian School of economics. Many of the School's prominent representatives, including Friedrich Wieser, Eugen Böhm-Bawerk, Ludwig Mises, Hans Mayer, Friedrich August Hayek, Fritz Machlup, Oskar Morgenstern, and Gottfried Haberler, as well as Israel Kirzner, Ludwig Lachmann, Murray Rothbard, Don Lavoie, and Peter Boettke, advanced and modified Menger's research program in sometimes conflicting ways. Yet, some characteristics of the Austrian School remain (nearly) consensual from its foundation through to contemporary neo-Austrian economists. In eight sections, we will briefly discuss some of the philosophical and methodological characteristics of Austrian economics: Austrian action theory and interpretative understanding, a relatively thoroughgoing subjectivism, methodological individualism, ontological individualism, apriorism, essentialism, an often overstated rejection of formal methods, and alertness to economic semantics.
Subjects: 
Austrian economics
methodology
subjectivism
individualism
apriorism
praxeology
essentialism
formal methods
economic semantics
JEL: 
B13
B25
B40
B53
C18
Document Type: 
Working Paper

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