Historical Foundations of Entrepreneurial Market Process Theories
21 Pages Posted: 15 Aug 2011 Last revised: 29 Jan 2014
Date Written: August 15, 2011
What are the historical foundations of entrepreneurial market process theories? Within the marginal revolution, economists laid down rigorous microeconomic foundations for market analysis. While the Cambridge school and the Lausanne school attempted to provide a theoretical apparatus that would explore the market mechanism within a static partial equilibrium market analysis and implicitly dynamic general equilibrium market analysis, the Austrian school attempted to provide a theoretical apparatus that would explore the market mechanism in a more dynamic way. The Austrian school, unlike the Cambridge school and Lausanne school, thus provided a sound theoretical background for developing entrepreneurial market process theories that reject the Mengerian theory of imputation.
Keywords: Austrian School, Entrepreneurial Market Process Theory, Cambridge School, Lausanne School, Market, Market Mechanism, Walrasian Auctioneer
JEL Classification: B13, B25, L26
Suggested Citation: Suggested Citation