The Place of Austrian Economics in Contemporary Entrepreneurship Research

32 Pages Posted: 7 Dec 2013 Last revised: 20 May 2014

See all articles by Peter G. Klein

Peter G. Klein

Baylor University - Hankamer School of Business; Norwegian School of Economics (NHH) - Department of Strategy and Management; Ludwig von Mises Institute

Per L. Bylund

School of Entrepreneurship; Ratio Institute; Ludwig von Mises Institute

Date Written: December 5, 2013

Abstract

We review the place of Austrian economics in contemporary entrepreneurship and management research, focusing on the contributions of Israel Kirzner. We show that Kirzner’s central concept of entrepreneurial discovery has been vastly influential in theoretical and applied work on entrepreneurship, even though Kirzner’s larger research program has not been well understood. We also describe and assess a number of methodological, ontological, and cognitive critiques of the opportunity-discovery approach and review the most important alternatives, including the judgment-based view associated with Knight (1921) and more recent contributors. We conclude that the entrepreneurship and management literatures provide a useful example of how Austrian economics — Kirznerian economics in particular — can play an important role in shaping mainstream discussions, debates, and research programs in the social sciences.

Keywords: Austrian Economics, Israel M. Kirzner, entrepreneurship, alertness

JEL Classification: M1, L26, B13

Suggested Citation

Klein, Peter G. and Bylund, Per L., The Place of Austrian Economics in Contemporary Entrepreneurship Research (December 5, 2013). Review of Austrian Economics, Forthcoming. Available at SSRN: https://ssrn.com/abstract=2364093

Peter G. Klein

Baylor University - Hankamer School of Business ( email )

Waco, TX 76798
United States
254-710-4903 (Phone)

Norwegian School of Economics (NHH) - Department of Strategy and Management ( email )

Breiviksveien 40
N-5045 Bergen
Norway

Ludwig von Mises Institute ( email )

Auburn, AL
United States

Per L. Bylund (Contact Author)

School of Entrepreneurship ( email )

Oklahoma State University
424 Business building
Stillwater, OK 74078
United States
4057444301 (Phone)

HOME PAGE: http://https://business.okstate.edu/directory/bylund-per-694946.html

Ratio Institute ( email )

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

Ludwig von Mises Institute ( email )

Auburn, AL
United States

HOME PAGE: http://mises.org/bylund

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