Innovation: bridges between management and the Austrian school

Fernando A. M. C. D’Andrea

Chapter 7 in Research Handbook on Austrian Economics in Management and Entrepreneurship, 2025, pp 130-151 from Edward Elgar Publishing

Abstract: In this chapter, I review the mainstream innovation literature and find gaps in it. I then use Austrian ideas on three topics: entrepreneurship, theory of the firm, and capital structure, to fill these gaps. I start by recognizing value subjectivity and that not all production is necessarily valuable. Thus, I position consumers and their subjective valuation as central to successful business. I go on to demonstrate how entrepreneurs act within firms – existing and new – to provoke change, modifying and expanding production processes and trying to propose solutions that consumers will value. By using the Austrian background, I help the mainstream innovation literature to better understand and clarify its main subject, demonstrating that Austrian ideas can continue to contribute to management studies.

Keywords: Innovation; Entrepreneur; Value; Promoter; Schumpeter; Hayekian triangles (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035341863
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