Mainstream growth theory focuses on the role of inputs and technology, but inputs and technology cannot produce growth without an environment that fosters entrepreneurship. I believe that the application of mainstream growth theory has often been harmful to economic growth because the mainstream theory ignores the market process.
Ludwig von Mises, Friedrich Hayek, and Murray Rothbard were the main architects of the distinctly Austrian theory of production as it exists today. All three conceived the entrepreneurial function
In the later half of the twentieth century a production function approach to economic growth has led both growth theory and growth policy to conclude that increases in output could best be produced by increasing the inputs into the production process.
The purpose of this paper is to extend Kirzner’s theory by explicitly introducing the role of space in entrepreneurial alertness and the coordination of markets.
While corporate income taxation is a major issue in the debate over international finance, economic theory has no clear stance on who bears its burden.
Economic growth is determined by two elements, by (a) by the available quantities of goods that can be used in the productive process and (b) by the adroitness with which these available factors of production are combined.
Entrepreneurs exploit market opportunities and innovate to achieve or maintain strategic advantage over their competitors.In the absence of government regulation,
This paper revisits the concept of entrepreneurship, which is frequently neglected in mainstream economics, and discusses the importance of defining and isolating this concept in the context of large, publicly held companies.
Do entrepreneurs make predictable mistakes? Theory and evidence suggest otherwise. Contrary to the conventional wisdom on mergers and sell-offs, divestitures of previously acquired assets
This paper enlarges Menger’s theory of the origins of money by making explicit the role of entrepreneurship in the theory and by extending the theory to market institutions other than money.
