Etymology The Austrian school owes its name to members of the German historical school of economics, who argued against the Austrians during the late 19th-century Methodenstreit ("methodology struggle"), in which the Austrians defended the role of theory in economics as distinct from the study or compilation of historical circumstance. In 1883, Menger published Investigations into the Method of the Social Sciences with Special Reference to Economics, which attacked the methods of the historical school. Gustav von Schmoller, a leader of the historical school, responded with an unfavorable review, coining the term "Austrian school" in an attempt to characterize the school as outcast and provincial."Menger's approach – haughtily dismissed by the leader of the German Historical School, Gustav Schmoller, as merely 'Austrian', the origin of that label – led to a renaissance of theoretical economics in Europe and, later, in the United States." Peter G. Klein, in "Forward" to The label endured and was adopted by the adherents themselves.
Etymology The Austrian school owes its name to members of the German historical school of economics, who argued against the Austrians during the late 19th-century Methodenstreit ("methodology struggle"), in which the Austrians defended the role of theory in economics as distinct from, the study or compilation of historical circumstance. In 1883, Menger published Investigations into the Method of the Social Sciences with Special Reference to Economics, which attacked the methods of the historical school. Gustav von Schmoller, a leader of the historical school, responded with an unfavor,able review coining the term "Austrian school" in an attempt to characterize the school as outcast and provincial."Menger's approach – haughtily dismissed by the leader of the German Historical School, Gustav Schmoller, as merely 'Austrian', the origin of that label – led to a renaissance of theoretical economics in Europe and later, in the United States." Peter G. Klein, in "Forward" to The label endured and was adopted by the adherents themselves.