Podnikání a ekonomický rozvoj: jaký je rozdíl mezi neorakouskou a novou institucionální ekonomií?

Entrepreneurship and Economic Development: What is the Difference Between Austrian and New Institutional Approaches?

Ladislava Issever Grochová and Tomáš Otáhal ()

Politická ekonomie, 2010, vol. 2010, issue 5, 623-640

Abstract: What is the role of entrepreneurship in economic development from the perspective of neo-Austrian and new institutional economics and what is the difference between these approaches? Neo-Austrian economists claim that economic development is caused by entrepreneurial discovery. New institutional economists argue that structure of incentives determined by the institutional environment provides a guideline for entrepreneurial decision-making. Hence, an institutional environment that rewards rent-seeking does not provide opportunities for economic development. In this paper we offer a comparison of these approaches to show that both entrepreneurial discovery and institutional environment are closely related. Moreover, with the comparison we demonstrate that entrepreneurial decision-making plays more important role in economic development when an institutional change is taken into account.

Keywords: new institutional economics; economic development; entrepreneurship; neo-Austrian economics (search for similar items in EconPapers)
JEL-codes: B25 D8 L26 O1 (search for similar items in EconPapers)
Date: 2010
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DOI: 10.18267/j.polek.751

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