ABSTRACT
The Austrian School of economics originated in Vienna in the 1870s with the writing of Carl Menger, Principles of Economics (1871), and the ideas were first propagated and extended by his near-contemporaries, Frederich von Wieser and Eugen von Bohm-Bawerk. The distinctive features of the school and its implications for strategic management field seems to lie in its view of competition as a discovery process and relating issues such as entrepreneurship, learning, etc. Nevertheless, in the construct the explanation of persistency of profit opportunities does not seem very straightforward. In fact, the bottom line in the distinction between situtional determinism and indeterminism is not about situational 'logic' in the sense that agents act appropriately to the logic of their situations, and, specifically, prefer a best alternative given their knowledge and means, but about 'situations' themselves in which economic agents make choices.
