NDLI: Austrian theories of entrepreneurship: Insights from complexity theory

Content Provider	Springer Nature Link
Author	Phelan, Steven E.
Copyright Year	2015
Abstract	This paper examines various Austrian theories of entrepreneurship through the lens of complexity theory, more specifically via the concept of a dancing fitness landscape. Problems in many fields (including economics) can be characterized as attempting to find the highest peak on a fitness landscape (which corresponds to an efficient or optimal resource allocation). A rugged fitness landscape is one characterized by many peaks and troughs, while a dancing fitness landscape is one where the peaks and troughs change over time due either to exogenous or endogenous activity. I argue that several key disagreements among Austrian economists can be better understood through the metaphor of a fitness landscape. The implications of this insight for various branches of Austrian economics are also considered. This study is timely as radical Austrian views are starting to percolate into business schools leading to increased debate among management scholars about the precise nature of the entrepreneurial process (Chiles et al. 2007; Sarasvathy and Dew 2008; Alvarez et al. 2010).
Starting Page	277
Ending Page	297
Page Count	21
File Format	PDF
ISSN	08893047
Journal	The Review of Austrian Economics
Volume Number	29
Issue Number	3
e-ISSN	15737128
Language	English
Publisher	Springer US
Publisher Date	2015-03-14
Publisher Place	New York
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Complexity Entrepreneurship Prediction Subjectivism Natural selection Public Finance & Economics Political Science Methodology/History of Economic Thought
Content Type	Text
Resource Type	Article
Subject	Economics, Econometrics and Finance

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