When we first invited the group of distinguished scholars represented here to contribute to a new volume on Austrian economics, four themes were stressed: tensions, new directions, selectivity, and criticism. In this brief introduction we will explain why those themes were emphasized and thereby shed light on our intentions and aspirations for the volume. The subtitle "Tensions and New Directions" indicates clearly the intent of the volume desired. If we take the 1871 publication of Carl Menger's Principles of Economics (Grundsiitze der Volkswirthschaftslehre) as mark ing its birth, the...