The Realm of Entrepreneurship in the Market: Capital Theory, Production, and Change

Mises Working Paper Series, #0016/15

22 Pages Posted: 25 Feb 2015

See all articles by Per L. Bylund

Per L. Bylund

School of Entrepreneurship; Ratio Institute; Ludwig von Mises Institute

Date Written: March 1, 2014

Abstract

This paper drafts the space for the entrepreneurship function in the market process in terms of production. I elaborate on what is meant by the extent of the open market using compatibility/complementarity limitations of heterogeneous capital assets in production. Due to what I refer to as a conceptual ‘specialization deadlock’, markets emerge as dynamic adjustment processes without inherent ability to establish and incorporate productive innovation. Breaking new ground through pioneering innovation must take place outside the existent market. This, I propose, is the realm of the entrepreneur.

Keywords: entrepeneurship, capital theory, market process, innovation

Suggested Citation

Bylund, Per L., The Realm of Entrepreneurship in the Market: Capital Theory, Production, and Change (March 1, 2014). Mises Working Paper Series, #0016/15, Available at SSRN: https://ssrn.com/abstract=2569168 or http://dx.doi.org/10.2139/ssrn.2569168

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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