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Abstract
Based on the market process theory of the Austrian School of Economics, the article explores entrepreneurship in the market process, pointing out that market process is opposite to statics equilibrium. Under statics equilibrium, it is hard to analyze entrepreneurship by economics. Entrepreneurship only exists in the market process. The article argues that in market process, entrepreneurship is reflected in entrepreneur’ behavior, including undertaking the uncertainty of business, combining heterogeneous capital, building the structure of capital. Profit-driven entrepreneur unintentionally makes economic society progress. Entrepreneurship is not only relative with entrepreneur’s personal interest, but also economic society of the entire human.
Highlights
In Austrian economic theory, entrepreneurship has always been a key factor
Based on the market process theory of the Austrian School of Economics, the article explores entrepreneurship in the market process, pointing out that market process is opposite to statics equilibrium
All of them will disclose the importance of entrepreneurship which is ignored in mainstream economics
Summary
In Austrian economic theory, entrepreneurship has always been a key factor. With the Austrian school’s view of the market process, the entrepreneurship can get more realistic economic analysis in the background of the market process. In the static equilibrium framework of mainstream economics, entrepreneurship doesn’t even exist. Entrepreneurs are themselves a driving force for change and response to market changes, constantly driving market processes. Entrepreneurship and market processes are two inseparable concepts. In the process of constantly changing market variables, profit-driven entrepreneurs bear uncertainty and compete for profits. Profit-seeking entrepreneurs constantly promote the evolution of economic structure, making the emerging economic structure better than the original economic structure, and promoting the human needs to be better met. All of them will disclose the importance of entrepreneurship which is ignored in mainstream economics
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