A Reflection on Austrian school: Its emergence and evolution

With the publication of the first book by Menger, the Austrian school was established in 1871. While different factors such as migration of the Austrian scholars to foreign countries and focus on market mechanisms against the ideas of down drift from crisis led to the decline of this school in 1930s, it reemerged in 1970s due to the same factors, too. The purposes in this research– by using library documents- are reflection on the general of, Austrian school and also comparing it with neoclassical school. As a result, the Austrian school is not regarded to be a total integration, but some principles such as methodological individualism, methodological mentalism, finalism ,time structure of consumption and production and value theory are concentrated in this school and theoretical cohesion of the school comes from this point. While key scholars of conventional economics (especially neoclassic) were accustomed to reproducing static theories ,neglecting the outcomes of interdisciplinary studies such as cognitive studies, the Austrian school thinkers became pioneers of using these ideas in practice