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Toward a Framework for Behavioral Strategy: What We Can Learn from Austrian Economics

Behavioral Strategy: Emerging Perspectives (Research in Behavioral Strategy book series), T. K. Das (ed.), Information Age Publishing, Forthcoming

Mises Working Paper Series #0012/14

50 Pages Posted: 12 Oct 2013 Last revised: 28 May 2014

Per L. Bylund

School of Entrepreneurship; Baylor University - Department of Management & Entrepreneurship; Baylor University - John F. Baugh Center for Entrepreneurship; Ratio Institute; Ludwig von Mises Institute

Date Written: October 11, 2013

Abstract

The Austrian school of economics has recently made inroads into and appears may become an important perspective in the study of strategic management and entrepreneurship. Yet we see little of the prediction two decades ago that a specifically "Austrian school of strategy" would emerge (Jacobson, Academy of Management Review, 1992). This chapter summarizes the measurable influence of "Austrian economics" in strategy to date, and notes core insights from the Austrian school that are yet to be discovered by strategy and entrepreneurship scholars. I argue that our field has much to gain from looking closer at the uniquely integrated framework, perspective, and approach of the Austrian school, rather than just incorporate individual Austrian concepts, and illustrate the argument with a discussion on the distinctively Austrian conception of time and implications thereof for strategy and entrepreneurship.

Keywords: Austrian economics, strategy, entrepreneurship, time

JEL Classification: B53, L1, L26

Suggested Citation

Bylund, Per L., Toward a Framework for Behavioral Strategy: What We Can Learn from Austrian Economics (October 11, 2013). Behavioral Strategy: Emerging Perspectives (Research in Behavioral Strategy book series), T. K. Das (ed.), Information Age Publishing, Forthcoming. Available at SSRN: https://ssrn.com/abstract=2338543

Per L. Bylund (Contact Author)

School of Entrepreneurship ( email )

201 Business
Stillwater, OK 74078-0555
United States

HOME PAGE: http://entrepreneurship.okstate.edu

Baylor University - Department of Management & Entrepreneurship ( email )

PO Box 98006
Waco, TX 76798-8006
United States

Baylor University - John F. Baugh Center for Entrepreneurship ( email )

United States

Ratio Institute ( email )

P.O. Box 3203
SE-103 64 Stockholm
Sweden

Ludwig von Mises Institute ( email )

Auburn, AL
United States

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