Abstract Many of Boettke's criticisms of formalist economics are justified. However, he defines formalism so broadly that it becomes practically synonymous with mainstream economics, while his criticisms primarily target the sins of formalist economics more narrowly defined. And since he treats Austrian economics as the only viable alternative to mainstream economics, he incorrectly awards victory to Austrian economics. While Austrian economics has some valuable ideas to contribute to mainstream economics, it has serious deficiencies of its own.