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)

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