Ecosystems, capital structure, and entrepreneurial action

Magnus Holmén, Rögnvaldur J. Saemundsson and Håkan Knutsson

Chapter 6 in Research Handbook on Austrian Economics in Management and Entrepreneurship, 2025, pp 112-129 from Edward Elgar Publishing

Abstract: The literature has played scant attention to how entrepreneurial action transforms ecosystems. This chapter shows how this transformation takes place by drawing on the Austrian theory of capital, which portrays the capital structure as a changing structure of means–ends relationships shaped by entrepreneurial action aiming to satisfy human needs for a profit. New capital resources, such as new tools, create opportunities for new resource combinations, but only some combinations are technically and economically feasible. The extent of this multiple specificity, together with the extent to which entrepreneurs can abstract knowledge by using a tool, will be a powerful factor concerning whether the ecosystem will remain or shift into a hierarchy or market-based value system.

Keywords: Capital structure; Entrepreneurial action; Ecosystem; Multiple specificity; Knowledge abstraction; Value system (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035341863
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