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The chapter argues that, for the long-term successful survival of the Austrian School as a distinct school of thought, the work on the theory must not be sacrificed in the name of short-term success in producing applied pieces of scholarship and of communicating with the mainstream. Advances in modern work in pure theory and methodology provide a necessary glue connecting individual pieces of applied research – and the debates about boundaries of the school contribute toward the reappraisal of Austrian School identity.

For the most part, the book presents a comparative assessment of Austrian economic theories with the predominant neo-classical economic theories. One fundamental theme is that Austrian economic theories are significantly better than that of neo-classical economics and the author provides a variety of reasons to support that conclusion. The author starts with a direct comparison of these two schools in chapter 1. The comparison of the neo-classical economic principles and methodology with Austrian thinking is done in a commendable manner and the summary table in chapter 1 is excellent.

This chapter provides a comprehensive survey of the contributions of the Austrian school of economics, with specific emphasis on post-WWII developments. We provide a brief history and overview of the original theorists of the Austrian school in order to set the stage for the subsequent development of their ideas by Ludwig von Mises and F. A. Hayek. In discussing the main ideas of Mises and Hayek, we focus on how their work provided the foundations for the modern Austrian school, which included Ludwig Lachmann, Murray Rothbard and Israel Kirzner. These scholars contributed to the Austrian revival in the 1960s and 1970s, which, in turn, set the stage for the emergence of the contemporary Austrian school in the 1980s. We review the contemporary development of the Austrian school and, in doing so, discuss the tensions, alternative paths, and the promising future of Austrian economics.

There are more scholars teaching and actively engaged in research associated with the Austrian School of Economics now than at any other time in its history. However, there is still something seriously wrong within the Austrian School and changes must be made both individually and collectively. In this piece, the author first discusses scientific progress with an emphasis on the individual behavior that is required to contribute to science, and the horizontal relationships that are required for the spread of ideas within a scientific community. Next, the author discusses the example of the Austrian school from 1950 to today in terms of these horizontal relationships within the profession and, in particular, in comparison with other mainline contributors during the same time period. The author then will address the multiplicity of horizontal relationships that might be explored as alternative discourse communities in the contemporary intellectual landscape. Lastly, the author concludes that the Austrian School of Economics must cultivate an explicit awareness of plausible, intrinsically interesting, and creative research agendas, and must therefore regard their work as a productive input into the ongoing research production of others within the broader community of economists and political economists.

Historians of economic thought have begun to reintegrate “un-Austrian” Austrians back into discussions of Austrian Economics, yet many scholars have argued that the Austrian School dissolved after emigration, with only Mises and his followers left to carry on the legacy. This chapter argues that a renewed focus on the networks established by the Austrians themselves, before and after emigration, reveals a distinctly different picture of Austrian Economics. Focusing on their shared interest in international trade theory and business cycle theory and their continued contributions to economic methodology, we see the émigré Austrians advancing Austrian ideas while also reconstituting and elaborating new Austrian affiliations. Ultimately, we find ourselves in agreement with Herbert Furth that Austrian Economics is far broader than Hayek, Mises, and their acolytes would have it, and that it is vital to understand and preserve this more diverse tradition by investigating more closely the works of Haberler, Machlup, Morgenstern, and others.

Nobody concerned with political economy can neglect the history of economic doctrines. Structural changes in the economy and society influence economic thinking and, conversely, innovative thought structures and attitudes have almost always forced economic institutions and modes of behaviour to adjust. We learn from the history of economic doctrines how a particular theory emerged and whether, and in which environment, it could take root. We can see how a school evolves out of a common methodological perception and similar techniques of analysis, and how it has to establish itself. The interaction between unresolved problems on the one hand, and the search for better solutions or explanations on the other, leads to a change in paradigma and to the formation of new lines of reasoning. As long as the real world is subject to progress and change scientific search for explanation must out of necessity continue.

This article does not pretend to represent an exhaustive survey of all the differences and similarities existing between Joseph Schumpeter and his fellow Austrians. To have carried out such a task would have required a detailed knowledge of the literature which was beyond that of the present writer. Instead, what is offered here is a particular interpretation of the major characteristics of Austrian economics, the relationship of Schumpeter to these, together with some fragmentary evidence in support of the views expressed. The article begins with a brief resumé of the leading personalities of the Austrian School of Economics. In the second section the suggestion that Schumpeter was not a true member of the Austrian School is examined. It is shown that the minor differences which did exist between Schumpeter and his colleagues on technical questions are more than outweighed by agreement on the substantive issues of their economic analysis. The third section deals with the attitudes of the Austrian School to questions of method while the remaining sections deal with the classical tradition in the theory of economic growth.

In this chapter it is argued that the future of Austrian economics is best sought in the field of philosophy, politics, and economics (PPE), with a strong and diverse connection with civil society. The authors demonstrate the limitations inherent in the discipline of economics for Austrian economists, which consist of its narrowness as well as its near-exclusive focus on improving government policies. The authors suggest that the burgeoning field of PPE is a more natural home, and one that provides the great continuity with the broad social philosophical origins of the Austrian School. The chapter emphasizes the comparative strength of Austrian economics in direct relation to the public as well as civil society organizations, compared to the purely academic nature of many other economic schools and fields. But the authors warn against a too narrow ideological or too concentrated financial relationship with a small set of civil society organizations. The chapter illustrates some of the dangers and opportunities through a comparative history vis-à-vis the evolution of ordoliberal political economy in Germany.

In general, the term “Austrian Economics” has been used both descriptively and normatively. It has either designated a set of ideas about the fundamental nature of economic theory and its logical implications or it has been viewed as a conception of society and the market with certain policy implications concerning the limits to and dangers from government intervention and control.

This manuscript discusses the contributions of Peter F. Drucker and the seminal influences on his logic made by the Austrian School of Economics. According to our research, Drucker focused on four critical elements of the Austrian School: an interdisciplinary approach and philosophical sophistication; the vision of market competition as an endless dynamic process (creative destruction, entrepreneurship); the firm as a social entity and as a depository of knowledge; and the role of the government. The research also suggests that Peter Drucker's prolific legacy has significantly influenced modern management theory and practice through its grounding in Austrian School logic.