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Podnikatelství a konkurenční tržní proces v Rakouské škole a v díle J. A. Schumpetera
[Entrepreneurship and the competitive market process in the Austrian school of economics and in the work of J. A. Schumpeter]

Author

Listed:
  • Milan Říkovský

Abstract

The aim of this paper is to introduce the market process as a central concept of Austrian economics as opposed to the general-equilibrium approach of the neoclassical school. In the first part the author shortly reviews the theme of entrepreneur and understanding of entrepreneurial function in the history of economic thought. In the second chapter the formation of the Austrian view of the market as an entrepreneurially driven process and simultaneous emergence of criticism of mainstream theory is explained. The chapter three describes the Austrian understanding of the market process based upon twin concepts of sheer ignorance and entrepreneurial discovery. The last chapter introduces the entrepreneurial market process theory of Schumpeter. Schumpeter's theory is subsequently compared with Kirzner's approach. The author also surveys and compares modern discussions about market process within the Austrian school of economics.

Suggested Citation

  • Milan Říkovský, 2004. "Podnikatelství a konkurenční tržní proces v Rakouské škole a v díle J. A. Schumpetera [Entrepreneurship and the competitive market process in the Austrian school of economics and in the work of J. ," Politická ekonomie, Prague University of Economics and Business, vol. 2004(2), pages 165-189.
    • Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:2:id:459
    DOI: 10.18267/j.polek.459
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    References listed on IDEAS

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    1. Lachmann, Ludwig M, 1976. "From Mises to Shackle: An Essay on Austrian Economics and the Kaleidic Society," Journal of Economic Literature, American Economic Association, vol. 14(1), pages 54-62, March.
    2. Salerno, Joseph T, 1993. "Mises and Hayek Dehomogenized: Review Essay," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 6(2), pages 113-146.
    3. Israel M. Kirzner & Comment by Gordon Tullock, 1999. "Mises and His Understanding of the Capitalist System," Cato Journal, Cato Journal, Cato Institute, vol. 19(2), pages 215-232, Fall.
    4. Peter J. Boettke & David L. Prychitko (ed.), 1994. "The Market Process," Books, Edward Elgar Publishing, number 54.
    5. Israel M. Kirzner, 1997. "Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach," Journal of Economic Literature, American Economic Association, vol. 35(1), pages 60-85, March.
    6. Herbener, Jeffrey M, 1992. "The Role of Entrepreneurship in Desocialization," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 6(1), pages 79-93.
    7. Sheila C. Dow, 1996. "The Methodology of Macroeconomic Thought," Books, Edward Elgar Publishing, number 933.
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    More about this item

    Keywords

    competition; Austrian school; knowledge; equilibrium; disequilibrium; entrepreneur; information; market process; discovery;
    All these keywords.

    JEL classification:

    • B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General

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