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Entrepreneurship in the Quarterly Journal of Austrian Economics

May 20, 2014 in Economics

By Mark Thornton

Samuel Bostaph provides an excellent overview, analysis, and criticism of theories of entrepreneurship including Mises, Schumpeter, and Kirzner in this article.

Christopher Brown and Mark Thornton show that Richard Cantillon’s theory of entrepreneurship (adopted later by Knight and Mises) was crucial for his discovery of economic theory in this article.

ABSTRACT: Richard Cantillon is credited with the discovery of economic theory and was the first to fully consider the critical role of entrepreneurship in the economy. Cantillon described entrepreneurship as pervasive and he casted the entrepreneur with a pivotal role in the economy. Using a sample of models from Cantillon’s Essai, we provide evidence that his theory of
entrepreneurship was the fundamental tool by which he constructed economic theory and that absent his theory of entrepreneurship his theoretical constructions fail. We believe this discovery both highlights the importance of entrepreneurship and contributes to our understanding of the nature of economic theory.

The entire issue of the Quarterly Journal of Austrian Economics can be found here.

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