A meaning discovery process: the unique contribution of the Austrian School of Economics and its relevance for contemporary economics curricula

Abstract

In this paper I argue that the unique contribution of the Austrian School of Economics (ASE) is found in its general approach to economic problems, an approach that, because of its emphasis on meaning, has been called 'radical subjectivism'. In the light of such an approach, we can look at and appreciate that the ASE is probably one of the latest schools which had, and still have, the aspiration of bringing out a general theory of the economic system, with the possibility of globally responding to economic questions within a broad paradigm. Moreover, such a paradigm was developed in order to incorporate two fundamental elements disregarded by mainstream economics: real people and real time. The aim of the present paper is thus to show how teaching Austrian economics can be a source of inspiration for students and scholars because of its unique approach to economic problems; its consequent aspiration to develop a general explanation of the economic process; and the importance of linking economic analysis to the real world.