Reflections on Ethics, Freedom, Welfare Economics, Policy, and the Legacy of Austrian Economics Israel M. Kirzner. Eds. Peter J. Boettke and Frédéric Sautet Carmel, Ind.: Liberty Fund, 2018 xiv + 782 pp. Abstract: Everyone interested in Austrian economics owes a great debt to the editors of this vast collection of articles by Israel Kirzner. Two
Abstract : This paper expands Fuller’s (2013) analysis of the net present value and interest rate changes in the context of the Austrian business cycle theory. During the boom phase of the business cycle, the economy shifts to a more risky position as the result of entrepreneurs’ profit targeting. To quantify this risk the duration, defined as the
Abstract: New institutional economics (NIE) and Austrian economics (AE) both emphasize the role that institutions play in facilitating or impeding entrepreneurship and hence economic growth. In this paper, we discuss the complementarities between AE and NIE for advancing our understanding of the relationship between institutions and
Abstract: Many scholars have pointed to Austrian subjectivism as an appropriate framework for understanding and studying entrepreneurship. Yet very few empirical studies in the field of entrepreneurship have applied a subjectivist lens. This research article responds to calls for more subjectivist entrepreneurship research by theoretically
Abstract : The concept of entrepreneurial opportunity has undergone a period of useful critique and refinement since Venkataraman (1997) and Shane and Venkataraman (2000) employed the term as one of the defining features of entrepreneurship studies. This paper presents a novel Austrian reinterpretation of this concept as an intersubjective
Abstract : We highlight the important role that time plays in conceptualizations of opportunity in entrepreneurship research. Through two longitudinal case studies, we introduce a more dynamic understanding of opportunities than portrayed by current theorizing, which tends to emphasize “opportunity discovery.” By adopting a dynamic temporal
Abstract: This paper takes the subjective value theory, conception of economic goods, and the hierarchy of needs from Carl Menger’s Grundsätze der Volkswirtschaftslehre (1871) to elaborate a model of strategic entrepreneurship. Menger’s account of subjective valuation by buyers of goods in market exchange fills a gap in most conceptual approaches
Abstract: The socalled autistic economy (here autarkic)—the economy of one—has been employed by Austrian theorists as a useful analytic baseline on which to build catallactic (market process) theory, which has included a theory of entrepreneurship. But so far, the autarkic economy has been examined almost exclusively in this way. In this article
The Austrian school of economics has been all but left by the wayside in economics (e.g., Backhouse 2000). This fate, shared with all “heterodox” approaches that do not fully comply with mainstream dogma, means Austrian theory is at best discounted by other economists. More often, and typically, it is forgotten and a relic of the past. At the same
Abstract : Entrepreneur-promoters, or the pioneers of economic improvement, provide an essential market function which economics cannot do without. Yet Ludwig von Mises maintains that this function lies beyond what can be defined with praxeological rigor. This paper attempts to find a praxeological subcategory of entrepreneurship that conforms
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.