Macroeconomic research in advanced economies is still largely shaped by Keynesian and neo-Keynesian traditions. These frameworks work primarily with aggregates and assume that fiscal and monetary policy can stabilise the economy. The financial and banking crisis of 2007–2009 exposed persistent weaknesses in this view, especially in its explanations of instability and in its confidence in policy control. This paper revisits the Austrian School of Economics as a coherent alternative grounded in a distinct epistemology. Using a conceptual method, it reconstructs the Austrian action-theoretic tradition, beginning with praxeology as a theory of purposeful behaviour and deriving from it methodological individualism and subjective value theory. It then develops the Austrian account of decentralised knowledge, markets as discovery processes, and spontaneous order, with particular emphasis on capital theory and Austrian business cycle theory. From this perspective, economic crises emerge not primarily from fluctuations in aggregate demand but from intertemporal miscoordination within time-structured production processes, often amplified by monetary intervention. The paper argues that the most valuable contribution of the Austrian School is not short-term forecasting but its ability to explain the structural origins of macroeconomic instability and to clarify the institutional conditions under which coordination can be sustained. In doing so, it supports pluralism in macroeconomic theory and advances research in regulatory economics. Keywords: : Austrian School of Economics, Keynesian Macroeconomics, Praxeology, Methodological Individualism, Subjective Value Theory, Decentralised Knowledge, Capital Theory, Business Cycle Theory, Spontaneous Order, Economic Order Theory .

The two prominent heterodox schools of economics are the Austrian and post-Keynesian schools. For this reason, they are sometimes analyzed together. This article continues this tradition, focusing on monetary economics. Both schools share certain features, especially an emphasis on the non-neutrality of money. The aim of this article is to compare Austrian and post-Keynesian monetary economics to determine whether both schools would benefit from an intensified intellectual exchange. The author shows that although the non-neutrality of money plays a crucial role for both schools, they have interpreted this concept differently. The differences between the Austrians and the post-Keynesians are significant, but there is some potential to learn from each other. The author argues that the Austrian school could reject the money multiplier model and look more favorably on the idea of endogenous money, while the post-Keynesians could enrich Minsky’s financial-instability hypothesis with the insights of the Austrian business cycle theory.

Abstract This paper compares how Austrian and neoclassical economics construct demand curves and examines the fundamental differences in their approaches to utility theory and price determination. It aims to clarify both standpoints by highlighting how distinct foundational assumptions – such as the treatment of money, the homogeneity of goods, and the role of indifference – give rise to different forms of demand curves. The analysis further shows that the Austrian construction can potentially account for Giffen behavior without resorting to an upward-sloping demand curve. Finally, the paper revisits (Hudík, Marek. 2011. “Rothbardian Demand: A Critique.” The Review of Austrian Economics 24: 311–8) critique of Rothbardian demand, demonstrating that it rests on a set of assumptions different from those underlying standard Austrian theory.

Raymond Boudon’s approach to social analysis rests on theoretical principles he originally adapted from the work of key thinkers of the 19 th and 20 th centuries. In particular, he argued that the principle of “methodological singularism”, a notion borrowed from Austrian economist Ludwig von Mises, constitutes a necessary condition for the explanation of social scientific enigmas. This article seeks to highlight the role played by methodological singularism in the social sciences as expressed in Boudon’s rationalist paradigm. The first section retraces the origins of the principle in the work of Austrian school economists such as Carl Menger, Eugen von Böhm-Bawerk, and Ludwig von Mises. The second section focuses on Boudon’s very own understanding of this principle and on the place it takes within his sociology. Overall, this article contributes to our understanding of epistemological and methodological history in the social sciences as well as to our understanding of social theory.

Praxeology, the Austrian School’s methodological foundation, asserts that economic laws derive a priori from the axiom of purposeful action, independent of empirical validation. While most modern economic schools reject this approach, praxeology remains influential in economic methodology and policy debates. This paper presents a systematic critique, highlighting its methodological weaknesses, definitional ambiguities, and reliance on unfalsifiable axioms. It introduces novel arguments, strengthens existing critiques, and examines praxeology’s applicability in light of psychological and neuroscientific findings. Additionally, it connects praxeology’s limitations to broader methodological issues in neoclassical economics, questioning its viability as a foundation for economic inquiry.

IntroductionFew European and Austrian adults live a healthy lifestyle. As critical role models, school teachers and principals are highly influential for delivering basic health education to children and adolescents.ObjectiveThis investigation aimed to analyze the underlying motivations and lifestyle preferences for diet type adherence among school teachers and principals and the associations with basic health behavior.MethodsThe present study followed a cross-sectional design. School teachers and principals in Austria fill out an online questionnaire, with questions on anthropometrics, physical activity levels, dietary behavior, and alcohol and smoking consumption. Statistical analysis was conducted with ANOVA and chi-squared tests.ResultsThe final sample included 1,350 participants (409 males, 941 females) with an average age of 45.8 ± 11.4 years. Health (46.4%) was the most important reason for dietary choice and sports engagement, and lifestyle (pooled 81.7%) the predominant lifestyle preference across all dietary subgroups. Prevalence of vegan, ovo-lacto-vegetarian and omnivorous diet of school teachers and principals was 2.3%, 5.2%, and 92.5%, respectively. Females were more likely to follow an ovo-lacto-vegetarian diet (6.4% vs. 2.4%; p < 0.01) or vegan/ ovo-lacto-vegetarian (9.0% vs. 4.1%) than males. For total sample, no differences were found across the dietary subgroups considering leisure time physical activity, sports and exercise levels (88.7%; n = 1,197) and weekly engagement in sports (range: 2.9–3.3 days/week), the prevalence of daily fruit consumption (62.4%), alcohol intake (81.5%), or smoking prevalence (11.0%). Vegetable intake was significantly higher among ovo-lacto-vegetarians and vegans (92.9 and 93.5%, respectively; p < 0.01) than in omnivores.ConclusionThis is the first study to investigate the potential differences in basic health behavior among refined dietary subgroups (omnivorous, ovo-lacto-vegetarian, and vegan) in school teachers and principals. The findings indicate that basic diet type differentiation is the first step towards fundamentally healthy behavior, however, further action must be taken to achieve better health among school teachers and principals in Austria (more physical activity, sports and exercise, and fruit and vegetable consumption, less alcohol intake and no smoking).

This paper (I &amp; II) seeks to address the involution process of money through the Austrian School of Economics, mainly through Menger and Mises. Throughout history money has emerged and evolved with the purpose of improving exchange and perfecting it; it has served to increase the welfare of societies, increase trade and improve economies. When we have approached the main subject of this article, we have done so because —understanding the evolutionary process of money— we understand that a stage of involution has been reached which, in a great number of cases, has led to the loss of all the advantages derived from the evolutionary process of money. The greatest and most extreme case, but not the least frequent, is reflected in chronic inflationary and hyperinflationary episodes.

This paper examines the life and work of Ludwig von Mises, a promi- nent figure in the Austrian School of Economics. It aims to highlight some of his contributions to economic theory, including the regressive theorem of money and the impossibility of economic calculation in socialism. Additionally, it explores his unwavering defence of individual freedom in the turbulent times in which he lived. The paper will examine Mises’ ability to influence numerous economists and the relevance of Mises’ thought in the contemporary debate.

Various attempts have been made to develop an applied Austrian investment theory or a practical investment framework that is either consistent with or directly derived from the general corpus of Austrian economic theory. This article will first provide a sum- mary review of existing research in this area, both in popular books and in scholarly journal articles, without claiming to be exhaustive. In its review, this article will offer the gentle criticism that much of this existing research has ignored core Austrian insights and principles, rendering the proposed approaches ulti- mately incompatible with Austrian economics. Some Austrians have embraced the value investing framework of Columbia Business School and Wall Street fame, having recog- nized some parallels between value investing and Austrian eco- nomic theory (e.g., Leithner, 2017; Taghizadegan et al., 2016). Others have recommended, more generally, that practitioners make capi- tal investments in diversified portfolios (Skousen, 2013), with the caveat that this should be done in jurisdictions with “free markets and free trade” (Skousen, 2013, p. 24), offering the insight that these

Abstract One of the key distinguishing features of Austrian economics is subjectivism. Subjectivism has been understood as the foundation for why individuals are different from each other, and as a basis for individual agency, including the ability of individuals to remake themselves and the world around them. Individualist subjectivists emphasize the imaginative and creative potential of individuals, as well as the dynamic and open character of the self. This paper argues that this dominant understanding of subjectivism fails to account for why individual perspectives are heterogenous in the first place, it overestimates individual agency, and informs a misguided notion of individual freedom, understood as independence from other wills and perspectives. A different theory of the self can be constructed based on Austrian contributions, one which suggests that meanings and beliefs form endogenously in the process of social development. This perspective sees individual preferences, self-understanding, and even ‘the self,’ as emerging from the division of labor and other social relations. The paper’s main contribution is to develop a causal-genetic theory of the self, which can explain why individuals grow more heterogenous as society becomes more complex. Given that this theory of the self is to some extent only latently present in Austrian thinking, I reinforce it at points with elements from the work of George H. Mead, particularly his theory of the emergence of mind. This alternative theory of the self has the further virtue of creating congruence between the evolutionary and gradual theory of institutional change and the Austrian theory of the individual.

This paper reviews the efficiency and sustainability of the management model during the COVID-19 crisis and beyond. There is a comparison between the centralized bureaucratic management versus the agile market alternative or spontaneous and flexible social coordination. This is a study of Political Economy, Management, and Health Economics from the perspective of Austrian economics, with special attention to the Spanish case. The analysis is based on Mises theorem about the impossibility of economic calculation under centralized coactive systems, and other economic principles. In this context, we also pay attention to collateral problems of the centralized and coactive management. Finally, we propose a solution based on dynamic efficiency and the constitutions of wellbeing economics based on digitalization.

This article analyzes Prof. Huerta de Soto’s contributions to entrepreneurship, focusing on their relevance for understanding the firm and its internal organization. While his conception of Perceptiveness and his Theory of Dynamic Efficiency are usually applied to explain the market process, I argue that they also provide a coherent explanation of entrepreneurship within firms. Entrepreneurs are perceptive agents who create particular arrangements of resources to achieve desired ends. Firms, therefore, emerge as a consequence of entrepreneurial perception, pursuing profits in the market economy. Huerta de Soto’s approach highlights how dynamic efficiency and entrepreneurial knowledge shape the internal organization of firms, combining planning and command with employee creativity. This study fills a gap in the Austrian School by applying Huerta de Soto’s framework to the theory of the firm, advancing the understanding of entrepreneurship, organizational design, and the coordination of knowledge.

Abstract The contemporary fiat‐money regime is characterised by structural deficiencies that exacerbate coordination failures among economic agents and undermine social cohesion through ineffective state regulation and unintended policy side effects. Drawing on Austrian School insights and enabled by modern exchange infrastructures, I propose a self‐regulated monetary framework that aligns money issuance with participants' preferences, enforces sound‐money principles, and leverages a Value Standard Exchange‐Traded Fund (VS ETF) of commodity futures. The study details such a system's key components, its endogenous self‐regulation mechanism, and the requisite technological and institutional infrastructure, and it outlines a feasible path for a gradual, non‐coercive transition from the existing regime.

Abstract The management literature often overlooks how firms can alter the competitive landscape without introducing groundbreaking changes or innovations. Applying the awareness, motivation, and capability framework from competitive dynamics, we posit that as a firm intensifies its product portfolio reconfiguration, its rivals become increasingly aware and motivated to respond, creating a ripple effect that accelerates change in the competitive environment. However, extreme reconfigurations may decrease rivals’ motivation due to the costly and disruptive nature of keeping pace. We also argue that rivals will be more motivated to respond to reconfigurations from a firm with high customer orientation and when they possess financial slack. Using a longitudinal dataset of 6382 firms’ product portfolios and those of their rivals, we find support for these arguments. This study contributes to competitive dynamics research by expanding the focus to a firm’s entire set of rivals and highlighting how a firm’s competitive moves can result in ripple effects throughout its rival network. We also demonstrate how moderate organizational changes can quickly lead to increased environmental dynamism, an overlooked avenue in research of dynamism. Finally, we suggest that a broadened competitive dynamics perspective rooted in Austrian economics can enhance our understanding of firm adaptation.

Abstract The purpose of the present paper is to ground the alleged universal law of (positive) time preference. Thus, we take the said positivity of individual time preference rates for granted. However, we also take pains to show that some other time preference rates (even negative ones) are conceivable only providing that ceteris paribus clause is not satisfied. All in all, we cannot but admit that the intuition standing behind the apparently necessary positivity of time-preference rates is quite robust. However, little effort has been made to justify it. For example, in Austrian economics, it is said that positive rate of time preference is somehow implied in the concept of human action. Yet, no demonstration to that effect is forthcoming. In this essay, we are trying to approximate what could serve as a best reason to believe that individual time preference rates are indeed positive. We first consider whether a phenomenon of social interest rates is able to ground the positivity of time preference. Having rejected this apparent solution as circular, we analyse whether a case can be made against non-positive rates of time preference as unjustified under any set of relevant beliefs. This attempt is also rejected, as there seems to exist a relevant belief under which a rate of time preference can rationally be zero. Finally, we appeal to the Parfitian reductionist view on personal identity as allegedly capturing necessarily positive rates of time preference. Here we note the crucial fact that psychological connectedness (something at least partially constitutive of personal identity) between person P at some time and the same person at some other time diminishes as the interval between these two times increases. Finally, this very fact appears to neatly explain the positivity of time preference.

ABSTRACTThere has been a long‐running debate conducted between two pairs of Austrian School economists concerning the legitimacy of borrowing short to lend long (BSLL). Barnett and Block take the view that the practice amounts to fraud. Their fellow “Austrians,” Bagus and Howden argue that, while risky, the practice is not fraud. Barnett and Block state that BSLL can lead to the Austrian Business Cycle (ABC), in which mal‐investment transforms booms into bubbles, ending in crashes. This inquiry seeks to contribute to the debate, addressing currently neglected issues. These issues involve reconfiguring the debate for consistency between the protagonists' central truth claims, elevating risk‐taking behavior as the crucial determinative factor of market failures, including certain macro‐prudential implications, and concluding that BSLL is not inherently fraudulent. The debate is essentially an ethical one, in which a basic understanding of fraud must be agreed.

Psoriasis is a dermatological disorder whose clinical manifestations have attracted the interest of physicians since ancient times. Hippocrates of Cos in the 5th century B.C. and later Galen in the 1st century A.D. were the first to refer to skin lesions characterized by scales and itching. In the 19th century, dermatology progressed, gaining scientific autonomy and leading to improvements both in the clinical study of psoriasis and in the search for new treatment methodologies. The dermatological schools established in this century, located in London, Paris, and Vienna, dedicated themselves to studying skin diseases, adopting unique methodological approaches and creating dermatological nomenclature. The English school focused on the objective description of lesions, while the French school was the first to approach the study of evolutionary processes, formulating theories not always based on experimental methods. Finally, the Austrian school based its research entirely on the study of diseases through the use of instruments and laboratory tests. Representatives of all three schools played a crucial role in the scientific progress of dermatology, leading to the subsequent evolution and improvement of therapies, which gradually replaced the use of ancient remedies and archaic administration methods. The treatments promoted by the different 19th-century European dermatologists reflected both their scientific thinking and the medical beliefs of the time. For this reason, the following historical-medical reconstruction of the evolution of psoriasis therapies in the 19th century can contribute to enriching the studies of dermatology.

In this paper, we explore the development of Czech economic thought within the context of the nineteenth-century Czech National Revival. Influenced by Classical Political Economy, the German Historical School, and Austrian economics, Czech economists faced the challenge of advancing economic development for a nation without a state. Key issues included lending difficulties, a lack of entrepreneurship, and inadequate institutional infrastructure. A distinct Czech School of National Economy emerged around Albín Bráf to address these problems through education and national economic agitation. Using primary sources, we trace their contributions to economic thought and their influence on political and legislative changes.

This article presents a critical analysis Softwar: A Novel Theory on Power Projection and the National Strategic Significance of Bitcoin by Jason P. Lowery. Structured chapter by chapter, the review aims to contrast the author's proposal—which reinterprets Bitcoin as a strategic tool for state deterrence—with the theoretical foundations of the Austrian School of Economics: Carl Menger, Ludwig von Mises, Friedrich Hayek, Murray Rothbard, and Hans-Hermann Hoppe. This analytical experience extends back in time to influential predecessors such as Adam Smith, Frédéric Bastiat, and Alexis de Tocqueville. The key argument is to show how state appropriation of decentralized technologies like Bitcoin undermines their ethical and functional foundations. The critique is developed under the belief in natural law, spontaneous order, individual liberty, and the uncompromising defense of private property.

ABSTRACT Due to rising linguistic diversity and educational disparities in Austria, a German-language-support model was installed in 2018–2019 across Austrian schools. This study examines teachers’ professional identity in this program. The study uses qualitative data from interviews with 21 female teachers across 13 Viennese primary schools to explore their professional identity across five dimensions: self-image, self-esteem, task perception, job motivation, and future perspectives. The results reveal different self-perceptions among the teachers interviewed, including a high level of satisfaction with their performance on the one hand and feelings of insecurity, inadequate training, and professional burnout among early-stage teachers on the other hand. The study highlights the urgent need for better teacher preparation, targeted professional development, and structural changes to effectively support language teachers to improve educational outcomes for multilingual learners.