Now entrepreneurship classes are all the rage. While in real life government strangles businesses large and small everyday, the academic community has finally woken up to what creates wealth—entrepreneurial activity. This is a positive sign. And again it is an advancement for Austrian economics, as it has been the Austrian school that has focused on the role of the entrepreneur in the market process, while other schools of thought haven’t recognized the role of entrepreneurs at all.
Foss and Klein recognize entrepreneurship as judgmental decision making under uncertainty. They show how judgement is the driving force of the market economy and that to understand the performance of a firm, its managers, and organization, the acumen of entrepreneurs and managers must be analyzed and dissected.
Nicolai Juul Foss is Professor of Strategy at the Department of Strategy and Innovation at the Copenhagen Business School (CBS).
In their classic text Organizations, James March and Herbert Simon present a sympathetic reading of the Austrian — mainly Hayekian — positions in the socialist calculation debate.
Why are there many firms in the world, and not just one, big mega-corporation? The answer lies in the problem of calculating costs and prices.
Peter G. Klein is Carl Menger Senior Research Fellow of the Mises Institute and W. W. Caruth Chair and Professor of Entrepreneurship at Baylor University’s Hankamer School of Business.
The tradition of Alchian, Demsetz, and colleagues has continuing relevance for strategy scholars.
Under Knightian uncertainty, how do entrepreneurs persuade others to join their projects?
Dr. Peter Klein explores whether AI can ever replace human entrepreneurs and central planners, arguing from Mises’ calculation problem that even “thinking machines” can only mimic, not originate, the real-world judgment and ownership that markets require.
