In search of Hayek's theory of entrepreneurship?1

Per L. Bylund

Chapter 8 in Hayek’s Living Legacy in Economics, Philosophy and Policy, 2026, pp 140-159 from Edward Elgar Publishing

Abstract: Friedrich A. Hayek is widely regarded as the most prominent theorist within the Austrian School of Economics. This school stands in stark contrast to mainstream economics and other economic traditions by emphasizing the central role of entrepreneurship in the market as a dynamic process. Notably, however, Hayek never explicitly addressed the concept of entrepreneurship in a separate work. This raises an important question: what was Hayek's perspective on the entrepreneurial function within the economy? In this chapter, I undertake an analysis of Hayek's principal works in economics to explore and elucidate his implicit theory of entrepreneurship.

Keywords: Austrian School of Economics; Mainstream Economics; Market; Dynamic Process; Entrepreneurship; Competition (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035394234
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