In recent academic and to some extent public debates, mainstream economics has been accused of excessive mathematization. The rejection of mathematical and other formal methods is often cited as a crucial trait of Austrian economics. Based on a systematic discussion of potential benefits and potential drawbacks of formalization in economics, the paper concludes that - contrary to the received view - the most prominent representatives of Austrian economists including Carl Menger, Ludwig Mises, and Friedrich August Hayek neither provide a justification (...) for a rejection of formalization tout court nor actually reject it. Those Neo- Austrians who do, seem to rely on an unconvincing Sprachgeist argument traceable to Friedrich Wieser. (shrink)