The Austrian School of Economics represents a heterodox methodological approach to economics that significantly differs from the orthodox teachings represented by mainstream economics. The Austrian School’s approach is multidisciplinary, comprising not only economists but also historians, sociologists, jurists, and philosophers who aim to explain social phenomena stemming from human action, which serves as the fundamental pillar of the school. Below, we will explore some of the substantial discrepancies between these schools of thought and provide a conclusion on the relevance of the Austrian School today.MethodologyThe main tools of the Austrian School are represented by methodological individualism and apriorism. Methodological individualism is a systematic approach that focuses on the

Read More »