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Economic order, catallactics and entrepreneurship

Author

Listed:
  • Alina CREŢU

    (Bucharest University of Economic Studies, Romania)

  • Roxana Lucia MIHAI

    (Bucharest University of Economic Studies, Romania)

  • Irina Florentina BĂJAN

    (Bucharest University of Economic Studies, Romania)

Abstract

The economic efficiency of entrepreneurship was analyzed by theories on economic growth, production and human order. In order to achieve economic development the entrepreneur must constantly make new combinations or innovative processes that represent optimal responses to a globalized society’s demand, which is constantly changing. The main craftsmen of entrepreneurship theories are representatives of the Austrian school of economics that conducted a systematic analysis of Misesian rationalism versus Hayek’s spontaneous order. The economic issue is based on knowledge and rational allocation of resources as individuals are not always rational and calculated, since they lack a common appreciation of the heterogeneous results generated by alternative processes in the economy. Friedrich von Hayek introduces in his analysis the concepts of catallaxy and catallactic game, the latter being a wealth creating game that leads to an increase in the flow of goods and opportunities for all participants to meet their needs, the result being essentially determined by a mixture of skill and chance.

Suggested Citation

  • Alina CREŢU & Roxana Lucia MIHAI & Irina Florentina BĂJAN, 2014. "Economic order, catallactics and entrepreneurship," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(10(599)), pages 71-76, October.
    • Handle: RePEc:agr:journl:v:xxi:y:2014:i:10(599):p:71-76
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