Austrian Economics and Entrepreneurship

This monograph surveys the rich history of entrepreneurship research within and inspired by the “Austrian” school of economics. Unlike most schools of the past 150 years or so, the Austrian tradition places entrepreneurship at the
heart of economic theory and practice. Understanding the entrepreneurial “function” in society is vital for explaining the real-world market process, but also for a proper understanding of the fundamental concepts and theories of
economics. These include action, choice, exchange, prices, supply and demand, money, capital, competition, economic development, and business cycles, to name only a few. In this monograph we survey the development of Austrian theories of entrepreneurship, examining the contributions of leading
members of the tradition in addition to those of some lesser known writers, adjacent scholars, and fellow-travelers. We then explore some ways in which Austrian work contributes7 to modern entrepreneurship research, especially through the Judgment-Based Approach. We conclude with a discussion
of the professional roles now played by Austrians in the contemporary entrepreneurship discipline.