Austrian Economics and Entrepreneurship
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Abstract
Entrepreneurship has strong Austrian economics roots. Although many aspects of mainstream economics are useful in explaining how resource allocation affects societal wealth, they are incomplete as they do not provide much understanding of the dynamism driven by individuals. It is the Austrian school that sheds light on what is important but unexplained in the mainstream literature. Compared to other schools of thought in the mainstream, the Austrian school gives individuals a more central role in their theorizing about markets and the economy. The main objective of this article is to explain the Austrian view in detail and elaborate on the specific characteristics of the Austrian school. Moreover, this article indicates the major differences between the mainstream and Austrian schools. The results show that the distinctive methodology that is considered as the foundation of the Austrian school is termed Praxeology. The extension of this methodological conception is thus linked to the essence of entrepreneurial opportunity which has become a unique domain of modern entrepreneurship studies.
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