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Entrepreneurship and the market process

In: A Modern Guide to Austrian Economics

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  • Per L. Bylund

Abstract

Market process analysis is necessary to understand the market's unfolding and evolution as well as its mechanisms. However, very often an all too simplified model of the market process is used, which excludes the disruptive entrepreneurship of the Misesian "promoter" and Schumpeterian innovator. In this chapter I argue that the exclusion of the disruptive entrepreneur has consequences far beyond what is typically recognized and that it creates a model of the market process that is closer to static equilibrium than it is to the real market process. By recognizing also disruptive entrepreneurship in the market process model, the dynamics of the market includes shifting of the market's boundaries which, therefore, alters the structure and processes within the typical, disruptor-less market process and fundamentally undermines that model's logic.

Suggested Citation

  • Per L. Bylund, 2022. "Entrepreneurship and the market process," Chapters, in: Per L. Bylund (ed.), A Modern Guide to Austrian Economics, chapter 5, pages 84-102, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:19135_5
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    Cited by:

    1. Van Den Hauwe, Ludwig, 2023. "Why Machines Will Not Replace Entrepreneurs. On the Inevitable Limitations of Artificial Intelligence in Economic Life," MPRA Paper 118307, University Library of Munich, Germany.

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