The Austrian School of Economics, pioneered in the late nineteenth century by Menger and developed in the twentieth century by Mises and Hayek, is poised to make significant contributions to the methodology, analytics, and social philosophy of economics and political economy in the twenty-first century. But it can only do so if its practitioners accept responsibility to pursue the approach to its logical conclusions with confidence and absence of fear, and with an attitude of open inquiry, acceptance of their own fallibility, and a desire to track truth and offer social understanding. The reason the Austrian school is so well positioned to do this is because (1) it embraces its role as a human science, (2) it does not shy away from public engagement, (3) it takes a humble stance, (4) it seeks to be practical, and (5) there remains so much evolutionary potential to the ideas at the methodological, analytical, and social philosophical level that would challenge the conventional wisdom in economics, political science, sociology, history, law, business, and philosophy. The author explores these five tenants of Austrian economics as a response to the comments on his lead chapter “What Is Still Wrong with the Austrian School of Economics?”
I benefited greatly from the comments of Adam Martin on an earlier draft of this chapter, and the editorial assistance of Jessica Carges. The usual caveat applies.
Boettke, P. (2019), "What is Right About Austrian Economics?", D'Amico, D. and Martin, A. (Ed.) Assessing Austrian Economics (Advances in Austrian Economics, Vol. 24), Emerald Publishing Limited, pp. 125-137. https://doi.org/10.1108/S1529-213420190000024003Download as .RIS
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