This purpose of this paper is to introduce property researchers to the principles of Austrian economics and to consider their methodological relevance and potential for understanding the dynamics of property market processes.
This paper sets out the basic principles of the Austrian economics thesis, including an outline of the entrepreneurial discovery approach to market processes, a core precept of the Austrian thesis. It then relates the core assumptions of the Austrian school to the workings of the property market.
It is argued that the driving force of property market process is provided by the entrepreneurial and profit-seeking speculative activities of human agents as they are confronted with incomplete information in an uncertain property market context. Thus, Austrian economics offers a sound and practical alternative theoretical approach to the study of property market, which places the market within its socio-economic context.
In-depth examination of the provisions, assumptions, philosophical orientation and limitations of the Austrian tradition of economic thought toward a better understanding of the workings of the property market.
The author wishes to express appreciation to the Commonwealth Scholarship Commission in the UK for providing the financial support for this study.
Agboola, A.O. (2018), "Entrepreneurial discovery in property market processes: An Austrian economics contribution to property market analysis", Property Management, Vol. 36 No. 3, pp. 345-357. https://doi.org/10.1108/PM-06-2017-0037Download as .RIS
Emerald Publishing Limited
Copyright © 2018, Emerald Publishing Limited