Entrepreneurship and the market process

Per Bylund

Chapter 5 in A Modern Guide to Austrian Economics, 2022, pp 84-102 from Edward Elgar Publishing

Abstract: Market process analysis is necessary to understand the market's unfolding and evolution as well as its mechanisms. However, very often an all too simplified model of the market process is used, which excludes the disruptive entrepreneurship of the Misesian "promoter" and Schumpeterian innovator. In this chapter I argue that the exclusion of the disruptive entrepreneur has consequences far beyond what is typically recognized and that it creates a model of the market process that is closer to static equilibrium than it is to the real market process. By recognizing also disruptive entrepreneurship in the market process model, the dynamics of the market includes shifting of the market's boundaries which, therefore, alters the structure and processes within the typical, disruptor-less market process and fundamentally undermines that model's logic.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2022
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