Introduction

Although Austrian economics has many fervent followers, its relative popularity within the science of economics is limited. Neoclassical economics, with its DSGE modeling, is far more visible to not just the general public but also amongst those educating future economists. This single focus has not gone without debate and the discussion was renewed after the most recent financial crisis (Hicks, 1981; Solow, 2008; Caballero, 2010). Without doubt, limiting economic research to only one methodological standard prevents the scientific community from incorporating the insights of those fields of economics that have developed independent of this standard (Caballero, 2010). Therefore, some of the main themes that were elaborated by Austrian scholars, such as the theory of capital, the theory of entrepreneurship, and the theory of the money-driven business cycle, have not or only to a small extent be accommodated by neoclassical economics.