Revisiting the Concept of Schools of Thought in Economics: The Example of the  A ustrian School | Zendy

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Revisiting the Concept of Schools of Thought in Economics: The Example of the A ustrian School

Author(s) -

Negru Ioana

Publication year - 2013

Publication title -

american journal of economics and sociology

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.199

H-Index - 38

eISSN - 1536-7150

pISSN - 0002-9246

DOI - 10.1111/ajes.12029

Subject(s) - optimal distinctiveness theory , coherence (philosophical gambling strategy) , epistemology , schools of economic thought , sociology , positive economics , psychology , social psychology , economics , philosophy , neoclassical economics , mathematics , statistics

The aim of this article is to explore defining characteristics of schools of thought in economics, with A ustrian economics chosen to illustrate some of the themes raised. This article argues that a school of thought can be interpreted as an entity that comprises both a system of thought and its member practitioners. Furthermore, a school of thought presupposes the existence of two elements: coherence and distinctiveness . Despite the existence of M isesian and H ayekian strands and thus of plurality within the A ustrian school, the article argues for the existence of a broader notion of coherence within the A ustrian school at the level of epistemology, methodology, and agenda/objectives.

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