COMPARATIVE ANALYSIS OF METHODOLOGICAL APPROACHES IN SCHUMPETERIANISM AND AUSTRIAN SCHOOL

Abstract

The article investigates key methods of the two present day schools of economic thought, i. e. the Austrian school and Schumpeterianism, hypotheses put in their basis and principles they are leaning on. The author discussed and analyzed key methodological differences between Schumpeterianism and the Austrian school. He proved the existence of current Schumpeterianism, showed its potential contribution to the further development of economic science. The article focuses on the concept of entrepreneurship. By generalizing various approaches the author pointed out that methodological individualism presupposes explanation of public phenomena in terms of individual behavior. The information basis of the article was formed by authors addressing the Austrian economic school and Schumpeterianism.

Keywords

• economic theory
• institutional-psychological approach
• market equilibrium
• market evolution