This contribution examines the teaching of economics at the Hochschule für Welthandel as a case study in the evolution of Austrian academic economics in the 20th century. The period considered is divided into three periods - before, under and after the NS-regime. The main focus is on the multiparadigmatic character of the discipline before WWII, on economics under the NS rule, and on the restoration and delayed integration of economics into the international mainstream after 1945. On the personal level, the teaching of economics at the Welthandel was dominated for more than three decades by Walter Heinrich and Richard Kerschagl, whose influence is explored with regard to their academic, scientific and political activities. (author's abstract) / Series: Department of Economics Working Paper Series