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ON AUSTRIAN ANALYSIS OF ENTREPRENEURSHIP AND MY OWN

Austrian Economics and Entrepreneurial Studies

ISBN: 978-0-76231-041-8, eISBN: 978-1-84950-226-9

Publication date: 19 August 2003

Abstract

All of economics recognizes the importance of entrepreneurship, but until the work of the Austrians, little was done about it. Neoclassical economics could not deal with it in its models, because formal optimization is largely irrelevant and because the entrepreneur’s innovation is, by definition, purely heterogeneous. The Austrians, with their flexibility of method, were able to break through, following Schumpeter’s great contribution. My own work on the subject solved the method problem by discussing not what activities the entrepreneurs undertake, but how their services are allocated between such things as contributions to production and rent seeking.

Citation

Baumol, W.J. (2003), "ON AUSTRIAN ANALYSIS OF ENTREPRENEURSHIP AND MY OWN", Koppl, R., Birner, J. and Kurrild-Klitgaard, P. (Ed.) Austrian Economics and Entrepreneurial Studies (Advances in Austrian Economics, Vol. 6), Emerald Group Publishing Limited, Leeds, pp. 57-66. https://doi.org/10.1016/S1529-2134(03)06004-6

Publisher

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Emerald Group Publishing Limited

Copyright © 2003, Emerald Group Publishing Limited