Entrepreneurship

Catallactic and constitutional perspectives

Diana W. Thomas, Michael D. Thomas

Research output: Contribution to journalArticle

1 Citation (Scopus)

Abstract

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.

Original languageEnglish
Pages (from-to)11-22
Number of pages12
JournalReview of Austrian Economics
Volume27
Issue number1
DOIs
StatePublished - 2014
Externally publishedYes

Fingerprint

Entrepreneurship
Political economy
Political change
Prediction
Austrian economics
Public choice
Breakdown
Interdependencies
Entrepreneurial process

All Science Journal Classification (ASJC) codes

  • Economics, Econometrics and Finance(all)

Cite this

Entrepreneurship : Catallactic and constitutional perspectives. / Thomas, Diana W.; Thomas, Michael D.

In: Review of Austrian Economics, Vol. 27, No. 1, 2014, p. 11-22.

Research output: Contribution to journalArticle

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