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Entrepreneurship: Catallactic and constitutional perspectives

  • Diana Thomas

    ()

  • Michael Thomas

    ()

The 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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File URL: http://hdl.handle.net/10.1007/s11138-013-0208-x
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Article provided by Springer in its journal The Review of Austrian Economics.

Volume (Year): 27 (2014)
Issue (Month): 1 (March)
Pages: 11-22

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Handle: RePEc:kap:revaec:v:27:y:2014:i:1:p:11-22
Contact details of provider: Web page: http://www.springerlink.com/link.asp?id=100335

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  1. Peter Boettke & Christopher Coyne & Peter Leeson, 2007. "Saving government failure theory from itself: recasting political economy from an Austrian perspective," Constitutional Political Economy, Springer, vol. 18(2), pages 127-143, June.
  2. Holcombe, Randall G, 2002. " Political Entrepreneurship and the Democratic Allocation of Economic Resources," The Review of Austrian Economics, Springer, vol. 15(2-3), pages 143-59, June.
  3. James M. Buchanan, 2011. "The Limits of Market Efficiency," Rationality, Markets and Morals, Frankfurt School Verlag, Frankfurt School of Finance & Management, vol. 2(38), January.
  4. Boettke, Peter J & Lopez, Edward J, 2002. " Austrian Economics and Public Choice," The Review of Austrian Economics, Springer, vol. 15(2-3), pages 111-19, June.
  5. Ikeda, Sanford, 2003. " How Compatible Are Public Choice and Austrian Political Economy?," The Review of Austrian Economics, Springer, vol. 16(1), pages 63-75, March.
  6. Adam Martin & Diana Thomas, 2013. "Two-tiered political entrepreneurship and the congressional committee system," Public Choice, Springer, vol. 154(1), pages 21-37, January.
  7. James M. Buchanan, 1954. "Individual Choice in Voting and the Market," Journal of Political Economy, University of Chicago Press, vol. 62, pages 334.
  8. Richard Wagner, 1966. "Pressure groups and political entrepreneurs: A review article," Public Choice, Springer, vol. 1(1), pages 161-170, December.
  9. 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.
  10. 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.
  11. 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.
  12. 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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