An Austrian Economics View of the Market Process: The Impact of Entrepreneurial Actions on Sensemaking and Market Discourse

30 Pages Posted: 28 Feb 2009

Date Written: February 27, 2009

Abstract

The Austrian school of economics has long studied the interaction of market participants - focusing particularly on entrepreneurs - and their impact on the market process. Central to this process, however, is the oft-overlooked phenomenon of market discourse, or the objective and subjective information exchanged in the marketplace that helps market participants make sense of firms' entrepreneurial actions. In this paper, I examine how entrepreneurial actions drive the market process and explore market discourse as a powerful mechanism in the sensemaking process of market participants by which these new actions get accepted or rejected by the market.

Keywords: entrepreneurial action, sensemaking, market discourse, Austrian economics

JEL Classification: M13

Suggested Citation

Livengood, R. Scott, An Austrian Economics View of the Market Process: The Impact of Entrepreneurial Actions on Sensemaking and Market Discourse (February 27, 2009). Atlanta Competitive Advantage Conference 2009 Paper. Available at SSRN: https://ssrn.com/abstract=1350644 or http://dx.doi.org/10.2139/ssrn.1350644

R. Scott Livengood (Contact Author)

University of Maryland ( email )

College Park, MD 20742
United States
917.232.1275 (Phone)

Register to save articles to
your library

Register

Paper statistics

Downloads
113
Abstract Views
1,121
rank
243,608
PlumX Metrics