The aim of this article is to explore defining characteristics of schools of thought in economics, with Austrian economics chosen to illustrate some of the themes raised. This article argues that a school of thought can be interpreted as an entity that comprises both a system of thought and its member practitioners. Furthermore, a school of thought presupposes the existence of two elements: coherence and distinctiveness. Despite the existence of Misesian and Hayekian strands and thus of plurality within the Austrian school, the article argues for the existence of a broader notion of coherence within the Austrian school at the level of epistemology, methodology, and agenda/objectives.