Austrian School Of Economics Research

In its long process of development, economics has gone through numerous ups and downs. With neoclassical economics as the mainstream, modern economics has encountered a number of difficulties. To process in a better and more healthy development, the economics has to improve its knowledge framework and absorbs the essence of other schools of economics. Austrian school of economics, as an important opposition, is one that can provide for reference. This paper discusses the methodology evolution of the Austrian school, re-examines its theories with Mises and Hayek as the main representatives, and tries to explain China’s economic problems with the classic theory of the Austrian school. The Austrian school is a very important school of the history of western economic, there are many different between this school and mainstream economics school, like theoretical claims, theoretical basis, methodology and policy recommendations. Traditionally, the Austrian school is divided into the old Austrian school and the new Austrian school, this article is no longer to do a detailed distinction.Austrian school takes the University of Vienna as the center, so it is also known as the Vienna school. It was founded by Carl Menger (1840-1921) with The Principles of the National Economy as his representative works. and followers of Wieser, Bohm-Bawerk, and Mises, Hayek and so on. The Austrian school takes a very important role in the history of western economics, possessing many differences with the mainstream economics schools in theoretical opinions, theoretical principles, methodologies and policy recommendations. Traditionally, the Austrian school is divided into the old Austrian school and the new Austrian school (detailed distinction on this point is not to be discussed in this paper).Since comprehensive and systematic literature of the Austrian school is limited due to its lack of universal and great attention, this paper gives an attempt to do a review of the Austrian school. Six parts are covered in this paper. The first part introduces the research background and methods of this article, reviews the research status of the Austrian school at home and abroad, and represents the innovation, difficulties and disadvantages about this paper. The second part systematically compares the Austrian school and neoclassical school of economics, the so-called mainstream economics school, so as to better understand the Austrian school of economics. The third part makes a summary of the methodology evolution of the Austrian school on its characteristics, and analyzes its methodologies in different periods through representatives in different periods. The fourth part introduces the core, revelation and evaluation of economic theories of Mises and Hayek, two representatives in the Austrian school. The fifth part discusses some critical voice since the Austrian school came into being, as well as the latest development of the Austrian school of economics. The sixth part gives some enlightenment derived from the theory of the Austrian school of economics on China’s economic construction.