From the methodological and epistemological principles of the Austrian School of Economics to their applicability to management and marketing problems — Leonardo de Vio The theories of the Austrian School of Economics arguably revolve around three epistemological and methodological cornerstones (Vaughn, 1994). First, subjectivism. Within the Austrian School, subjectivism is much more than a theory of values; it is the idea that human action and its understanding of its environment is the main subject of analysis. Second, but consequently, real time. Man analyses his environment not at a given time, but as a constantly evolving process that changes as actions take place, his understanding of it. Thirdly, the limits of the human mind. Because their understanding of their environment is subjective and constantly evolving, they act in an “open world” in which prediction becomes virtually impossible: they live in a world of radical uncertainty (O’Driscoll and Rizzo, 1985 ; 2015). I will argue that it is from these three concepts that the Austrians derive their theory of the market process as an unfolding mechanism of opportunity discovery (Hayek, 1968 ; Kirzner, 1973). It follows a peculiar, i.e. different from the (neo-) Walrasian, way of answering the question par eccellence of political and economic theory, namely how to coordinate individual actions. Finally, by applying this way of looking at economic processes to the problems of management and marketing, I will show that it can explain both questions related to the theory of the firm and the existence of advertising.