# The Austrian Tradition in Economics

**URL:** <https://www.libertarianism.org/podcasts/free-thoughts/the-austrian-tradition-in-economics>

**By** Peter J. Boettke, Trevor Burrus, Aaron Ross Powell

**Published:** June 1, 2015

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Peter J. Boettke joins us to explain the origins and methodology of the Austrian tradition in economics.

This week we are joined by Peter J. Boettke, who explains this history and tenets of the Austrian tradition in economics. Boettke traces the school's history from Carl Menger through Eugen Böhm-Bawerk and Joseph Schumpeter, Ludwig von Mises, Friedrich Hayek, and Murray Rothbard to contemporary economists such as Israel Kirzner, Vernon Smith, and Mario Rizzo. He explains what Austrian economics does and does not do, and distinguishes between what he calls "mainline" economics and "mainstream" economics.

What distinguishes Austrian economics from other schools of thought in economics? How did the Austrian school come to be known as the free market school?

**Show Notes and Further Reading**

Peter J. Boettke, [_Living Economics: Yesterday, Today, and Tomorrow_](http://www.amazon.com/Living-Economics-Yesterday-Independent-Political/dp/1598130757/) (book)