Entrepreneurship: Catallactic and constitutional perspectives
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
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.
References listed on IDEAS
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.:
- 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.
- 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.
- 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.
- 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.
- 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.
- Adam Martin & Diana Thomas, 2013. "Two-tiered political entrepreneurship and the congressional committee system," Public Choice, Springer, vol. 154(1), pages 21-37, January.
- James M. Buchanan, 1954. "Individual Choice in Voting and the Market," Journal of Political Economy, University of Chicago Press, vol. 62, pages 334.
- Richard Wagner, 1966. "Pressure groups and political entrepreneurs: A review article," Public Choice, Springer, vol. 1(1), pages 161-170, December.
- 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.
- 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.
- 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.
- James M. Buchanan, 1954. "Social Choice, Democracy, and Free Markets," Journal of Political Economy, University of Chicago Press, vol. 62, pages 114.
When requesting a correction, please mention this item's handle: RePEc:kap:revaec:v:27:y:2014:i:1:p:11-22. 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: (Sonal Shukla)or (Christopher F. Baum)
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.