American institutionalism and the Austrian School: perspectives from two alternatives to the Mainstream

Abstract

The objective of this study was to analyze the characteristics, theoretical foundations, and contributions of two disruptive economic schools of thought in relation to the dominant economic paradigm: American Institutionalism and the Austrian School. The research was conducted using a qualitative approach, through a thematic review of the specialized literature. A descriptive scope was adopted, based on the systematic analysis of scientific bibliographic sources, with the purpose of identifying the main conceptual and methodological contributions of both schools of thought. The results show that both American Institutionalism and the Austrian School constitute heterodox economic schools of thought with differentiated approaches compared to the economic mainstream, offering alternative interpretive frameworks for understanding complex economic phenomena. Furthermore, both perspectives question traditional assumptions of conventional economic theory and highlight the relevance of institutional, cultural, historical, and subjective factors in economic processes. It is concluded that these schools of thought represent valid and complementary approaches for analyzing contemporary economic contexts, constituting theoretical alternatives that enrich academic debate and contribute to a broader and more pluralistic understanding of economic reality