Entrepreneurship: Catallactic and constitutional perspectives
AbstractThe most important distinction between Virginia political economy (VPE) and the other branches of public choice scholarship is a close affinity of the former to Austrian economics. Contributions in both the Virginia and the Vienna (Austrian) traditions have emphasized this connection and highlighted the analytical and ideological interdependencies of the two schools. This paper argues that an application of the Austrian theory of political entrepreneurship to the VPE framework can provide important insights regarding the direction of political change. Kirzner’s theory of entrepreneurship explains that coordination of individual action is possible where price signals provide information. When price signals are absent the entrepreneurial process breaks down. There is common ground between Kirznerian entrepreneurship and Buchanan’s creative action. Scholars at the intersection of the Virginia and the Vienna traditions can use this common ground to make pattern predictions regarding the direction of political change. Copyright Springer Science+Business Media New York 2014
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Bibliographic InfoArticle provided by Springer in its journal The Review of Austrian Economics.
Volume (Year): 27 (2014)
Issue (Month): 1 (March)
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Web page: http://www.springerlink.com/link.asp?id=100335
Constitutional political economy; Austrian political economy; Public choice; B25; B41; B53;
Find related papers by JEL classification:
- B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian
- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
- B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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- James M. Buchanan, 1954. "Individual Choice in Voting and the Market," Journal of Political Economy, University of Chicago Press, vol. 62, pages 334.
- Buchanan, James M & Vanberg, Viktor J, 2002. " Constitutional Implications of Radical Subjectivism," The Review of Austrian Economics, Springer, vol. 15(2-3), pages 121-29, June.
- Richard Wagner, 1966. "Pressure groups and political entrepreneurs: A review article," Public Choice, Springer, vol. 1(1), pages 161-170, December.
- Sutter, Daniel, 2002. " The Democratic Efficiency Debate and Definitions of Political Equilibrium," The Review of Austrian Economics, Springer, vol. 15(2-3), pages 199-209, June.
- Christopher Coyne & Russell Sobel & John Dove, 2010. "The non-productive entrepreneurial process," The Review of Austrian Economics, Springer, vol. 23(4), pages 333-346, December.
- James M. Buchanan, 1954. "Social Choice, Democracy, and Free Markets," Journal of Political Economy, University of Chicago Press, vol. 62, pages 114.
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