Historical Foundations of Entrepreneurial Market Process Theories

21 Pages Posted: 15 Aug 2011 Last revised: 29 Jan 2014

See all articles by Tomáš Otáhal

Tomáš Otáhal

Mendel University - Faculty of Economics and Business Administration

Date Written: August 15, 2011

Abstract

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

Otáhal, Tomáš, Historical Foundations of Entrepreneurial Market Process Theories (August 15, 2011). Available at SSRN: https://ssrn.com/abstract=1910228 or http://dx.doi.org/10.2139/ssrn.1910228

Tomáš Otáhal (Contact Author)

Mendel University - Faculty of Economics and Business Administration ( email )

Staňkova 578/16b
Brno, 602 00
Czech Republic

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