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
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
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