Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach
Modern Austrian Economics, building on earlier work of Mises and Hayek, explains the determination of market prices in terms of entrepreneurial discovery processes. Dissatisfied with mainstream equilibrium models, Austrians see market equilibrating tendencies as series of competitive discoveries increasing mutual awareness among market participants. (Unlike deliberate search, discovery consists in alert entrepreneurs noticing profit opportunities, generated by earlier errors, which had been entirely unsuspected.) This approach entails unconventional implications for such issues as: antitrust policy, economic justice under capitalism, the meaning of economic welfare, and the possibility of rational planning under socialism.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 35 (1997)
Issue (Month): 1 (March)
|Contact details of provider:|| Web page: https://www.aeaweb.org/journal|
More information through EDIRC
|Order Information:||Web: https://www.aeaweb.org/subscribe.html|
When requesting a correction, please mention this item's handle: RePEc:aea:jeclit:v:35:y:1997:i:1:p:60-85. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jane Voros)or (Michael P. Albert)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.