Economics at your fingertips  

Social innovation and Austrian economics: Exploring the gains from intellectual trade

Mikayla Novak ()
Additional contact information
Mikayla Novak: The Australian National University

The Review of Austrian Economics, 2021, vol. 34, issue 1, No 8, 129-147

Abstract: Abstract The Austrian school of economics has played a key contribution toward an improved understanding of the characteristics of economic innovation. Over recent decades the language and concepts of innovation theory has broadened to non-market settings, among other things giving rise to a voluminous literature on “social innovation.” During the same period of time, scholars have increasingly utilised Austrian economic insights to explore the nature of social interaction and the dynamics of social change, delving into matters such as social entrepreneurship, non-price coordination, and social learning. Both social innovation and non-economic Austrian scholarship have largely been conducted independently of each other. The central claim of this paper is that scope exists for meaningful intellectual exchanges between these two sub-branches of social scientific endeavour. An Austrian perspective on social innovation centres upon entrepreneurs using their unique knowledge to create and change social norms and practices, providing micro-level foundations for broader scale social innovations of cultural and institutional character. Social innovation theory assails the limitations of market-state duality by stressing the involvement of non-market, non-state social actors in promulgating social novelties. Austrian perspectives on social theory may also gain from the social-innovation emphasis upon enhancing broad aspects of human well-being.

Keywords: Entrepreneurship; Institutions; Knowledge; Non-price coordination; Social innovation (search for similar items in EconPapers)
JEL-codes: B53 I30 L31 O35 Z13 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link) Abstract (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Ordering information: This journal article can be ordered from
http://www.springer. ... ce/journal/11138/PS2

DOI: 10.1007/s11138-020-00503-y

Access Statistics for this article

The Review of Austrian Economics is currently edited by Peter Boettke and Christopher Coyne

More articles in The Review of Austrian Economics from Springer, Society for the Development of Austrian Economics Contact information at EDIRC.
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().

Page updated 2022-05-12
Handle: RePEc:kap:revaec:v:34:y:2021:i:1:d:10.1007_s11138-020-00503-y