The economics that is studied today has a long history and certainly transforms through a number of phenomenal episodes. One of such inevitable episodes in the history of economics can be illustrated with due reference to the Austrian School…
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It was in the early fifteenth century when a group of experts and their followers began to emphasize on the process of depicting and quantifying the human actions with the guidance of specific trends. These trends and the explanations of those were further described as theories. Notably, it was in this era that academicians observed human actions to be executed in a law as a reaction towards situational changes. These laws were found to be more apparent amid people when transacting with monetary values (Schulak & Unterkofler, 2011). Notably, the Austrian School can be recognized as one of the foundations of European economic schools of thought. The European schools of thought are often noted to be based on two contradictory dimensions among which one is the Austrian School and the other is the German Historical School (Taylor, 1980). Similar to other stream of theories focusing on the human characteristic and nature, the theoretical emulsion of Austrian School happened through various phases and stages presenting new challenges for the then economists to manipulate into comprehensive, structured and rationale methodologies. Certainly, the then economists were few of the early academicians with insignificant theories to develop relevant methodologies and thus had to depend on their understandings, perceptions and theoretical knowledge. Moreover, the economists during that time period considered the value of theories to be more relevant and beneficial than referring to the historical courses. This led to numerous contradictory view points as concluded by the then economists and thus rendered a mixed and widely diverse explanation of the economic activities. It is in this context that modern economists grew conscious regarding the need of a generally accepted framework to theoretically describe the economic methodologies, lack of which can result to similar contradictions as was noticed in the case of Austrian School. It is quite noteworthy in this context that the challenges faced by Austrian economists during the development phases of Austrian School was far more greater than the challenges faced by contemporary economists with due consideration to the then economic philosophy. Furthermore, it is due to this reason that the contribution of economists in developing the Austrian School was recognized to be inevitable and highly appreciable (Gloria & Palarmo, 1999). However, only a handful of economists consider themselves as a part of Austrian School providing larger focus on the criticism of the methodologies presented by Austrian economists (Holcombe, 1999). The relationship existing between the contemporary economic values and traditional economic values with regards to Austrian School tends to be quite distinct. As was noted by Holcombe (1999), even though the modern economics methodologies tend to criticize the Austrian School from various perspectives considering its applications in the academic as well as in public policy making, the contemporary beliefs and theories are becoming increasingly similar to that of the Austrian School. However, it is certainly neither with due consideration nor as a result of the influence perceived by the Austrian economists. It is also not due to the changes occurred in the Austrian School. From an in-depth point of view, the inclination of modern economics towards Austrian School can be observed as the changes occurring in the contemporary economic methodologies. In other words, the perspective of modern economists are emerging to be more similar to the methodologies presented in the Austrian School but in a complex and furthermore in a practical manner (Holcombe, 1999). Multiple researches can be obtained
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