Jaký je význam právního řádu v ekonomickém rozvoji z pohledu ekonomických teorií podnikatele? (What Is the Importance of Rule of Law in Economic Development? Perspective of Entrepreneurial Economic Theories)

13 Pages Posted: 20 Apr 2014

See all articles by Tomáš Otáhal

Tomáš Otáhal

Mendel University - Faculty of Economics and Business Administration

Date Written: April 18, 2014

Abstract

Czech Abstract: Jaký je význam právního státu v ekonomickém rozvoji z hlediska podnikatelských ekonomických teorií?

English Abstract: What is the importance of rule of law in economic development from the perspective of entrepreneurial economic theories? Adam Smith argues that economic development is result of the division of labor, the extension of markets, and economies of scale within organization. Austrian economists argue that economic development is result of entrepreneurial decision-making. While Joseph Alois Schumpeter argues that economic development is result of creatively destructive entrepreneurial decision-making followed by innovations, Israel M. Kirzner argues that economic development is result of entrepreneurial discovery of new profit opportunities. In this paper, I explain both Joseph Alois Schumpeter’s notion of entrepreneurial decision-making and Israel M. Kirzner’s notion of entrepreneurial decision-making to analyze the importance of rule of law in economic development.

Note: Downloadable document is in Czechoslovakian.

Keywords: Naive theory of property rights, neo-Austrian school, new institutional economics, theory of entrepreneurial discovery

JEL Classification: B25, D8, L26

Suggested Citation

Otáhal, Tomáš, Jaký je význam právního řádu v ekonomickém rozvoji z pohledu ekonomických teorií podnikatele? (What Is the Importance of Rule of Law in Economic Development? Perspective of Entrepreneurial Economic Theories) (April 18, 2014). Available at SSRN: https://ssrn.com/abstract=2426618 or http://dx.doi.org/10.2139/ssrn.2426618

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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