Effectuation and the logic of action: critical assessment from a praxeological perspective

Per L. Bylund and Vishal K. Gupta

Chapter 2 in Research Handbook on Austrian Economics in Management and Entrepreneurship, 2025, pp 9-38 from Edward Elgar Publishing

Abstract: We critically examine the theoretical status and reliability of the fundamental principles of effectuation using praxeology. We produce a conceptual analysis and comparative theoretical assessment, which finds that there are important shortcomings in how effectuation formulates and applies its fundamental principles, which are on different levels of analysis and have internal dependencies. The study advances the literature critiquing and assessing effectuation by assessing the theoretical status of the fundamental effectual principles. It also shows how praxeology can be used as a framework to assess and evaluate theories that seek to explain action. The chapter's findings change how effectuation can be used in research and suggest areas where effectuation needs to be developed further to become a consistent and stringent theory.

Keywords: Effectuation; Praxeology; Theoretical assessment; Conceptual analysis; Theoretical comparison; Austrian economics (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035341863
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