Abstract:
The paper discusses the current situation of the Austrian School in three different matters. Firstly, the text argues that the Austrian School should not be considered orthodox, because it rejects one of the three neoclassical pillars, namely the emphasis on equilibrium states; in Austrianism, an analysis of market process is adopted. Secondly, the article shows that the Austrian school has, at least in part, sought greater engagement within the profession, instead of adopting a strategy of insulation. Finally, the text presents the reason why Austrian school should not be reduced to a closed chapter in the history of economic thought; it is argued that Austrianism has been trying to advance in contemporary theoretical debates and in the application of its unique approach to economic and social problems.
Keywords:
austrian economics; history of economic thought; economic methodology.