Communism looked great on paper also, it still does to some people - disgustingly. I don't discount the Austrian theory, in which, the fundamental principles follow the opinions of those who built this country -- but I am skeptical to see how this period of systemic crony capitalism will end. Either with socialism or actual free enterprise, seems to be an arms race in promoting the two.
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Austrian economics is hardly favorable towards crony capitalism. Perhaps I should work on a "part 2."
Communism is an economic system that says, "People should behave in manner X we approve." Keynesianism, Georgism, the Chicago school, etc. also offer prescriptive solutions. Austrian economics begins first by examining how and why humans act, and prefers to describe rather than prescribe.