This paper reviews the principal differences between the approach of the modem Ausüian School vis-a-vis the currently dominant neoclassicai paradigm. One of its main conclusions is that the neoclassical approach is merely a specific case, of relatively minor importance, which is included and subsumed under the Austrian concept which is more general, richer and explicative of the real world. The paper aiso answers the most common criticisms levelled against the Ausüian approach, concluding that most of them are unfounded.

Keywords: Austrian School, entrepreneurship, human action, subjectivism, market process, scientism.