Etymology
The School owes its name to members of the German Historical school of economics, who argued against the Austrians during the Methodenstreit ("methodology struggle"), in which the Austrians defended the reliance that classical economists placed upon deductive logic. In 1883, Menger published Investigations into the Method of the Social Sciences with Special Reference to Economics, which attacked the methods of the Historical school. Gustav von Schmoller, a leader of the Historical school, responded with an unfavorable review, coining the term "Austrian School" in an attempt to characterize the school as outcast and provincial. The label remained and was adopted by the adherents themselves.
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Famous quotes containing the word etymology:
“Semantically, taste is rich and confusing, its etymology as odd and interesting as that of “style.” But while style—deriving from the stylus or pointed rod which Roman scribes used to make marks on wax tablets—suggests activity, taste is more passive.... Etymologically, the word we use derives from the Old French, meaning touch or feel, a sense that is preserved in the current Italian word for a keyboard, tastiera.”
—Stephen Bayley, British historian, art critic. “Taste: The Story of an Idea,” Taste: The Secret Meaning of Things, Random House (1991)
“The universal principle of etymology in all languages: words are carried over from bodies and from the properties of bodies to express the things of the mind and spirit. The order of ideas must follow the order of things.”
—Giambattista Vico (1688–1744)