Austrian Economics and Entrepreneurship
By Matthew McCaffrey, Alliance Manchester Business School, The University of Manchester, UK, matthew.mccaffrey@manchester.ac.uk | Per L. Bylund, Spears School of Business, Oklahoma State University, USA, Per.Bylund@okstate.edu | Peter G. Klein, Hankamer School of Business, Baylor University, USA, Peter_Klein@baylor.edu
Abstract
This monograph surveys the rich history of entrepreneurship research within and inspired by the “Austrian” school of economics. Unlike most schools of the past 150 years or so, the Austrian tradition places entrepreneurship at the heart of economic theory and practice. Understanding the entrepreneurial “function” in society is vital for explaining the real-world market process, but also for a proper understanding of the fundamental concepts and theories of economics. These include action, choice, exchange, prices, supply and demand, money, capital, competition, economic development, and business cycles, to name only a few. In this monograph we survey the development of Austrian theories of entrepreneurship, examining the contributions of leading members of the tradition in addition to those of some lesser-known writers, adjacent scholars, and fellow-travelers. We then explore some ways in which Austrian work contributes to modern entrepreneurship research, especially through the Judgment-Based Approach. We conclude with a discussion of the professional roles now played by Austrians in the contemporary entrepreneurship discipline.
Austrian Economics and Entrepreneurship
Austrian Economics and Entrepreneurship surveys the rich history of entrepreneurship research within and inspired by the “Austrian” school of economics. Unlike most schools of the past 150 years or so, the Austrian tradition places entrepreneurship at the heart of economic theory and practice. Understanding the entrepreneurial “function” in society is vital for explaining the real-world market process, but also for a proper understanding of the fundamental concepts and theories of economics. These include action, choice, exchange, prices, supply and demand, money, capital, competition, economic development, and business cycles, to name only a few. This monograph surveys the development of Austrian theories of entrepreneurship, examining the contributions of leading members of the tradition in addition to those of some lesser-known writers and scholars. The authors explore some ways in which Austrian work contributes to modern entrepreneurship research, especially through the Judgment-Based Approach. The monograph concludes with a discussion of the professional roles now played by Austrians in the contemporary entrepreneurship discipline.
