From Memoirs — surrounding passage

He never really grasped the core of subjectivism, a limitation that caused him to make many unfortunate mistakes. His imputation theory is untenable. His ideas on value calculation support the claim that he cannot be called a member of the Austrian School. He had more in common with those of the Lausanne School, two brilliant representatives of which were found in Austria in Rudolph Auspitz and Richard Lieben.

“What distinguishes the Austrian School and will lend it everlasting fame is its doctrine of economic action, in contrast to one of economic equilibrium or nonaction.”

The Austrian School makes use of the ideas of rest and equilibrium, without which economic thought cannot get along. But it is always aware of the purely instrumental nature of these ideas. The Austrian School aims to account for prices actually paid in the market, and not just prices that might be paid under certain never-realizable conditions.