This paper applies Israel Kirzner’s theory of entrepreneurship and the Austrian theory of capital to the theory of the firm. In particular, it explores why some firms are better able to react to exogenous change than others, especially when that change is negative. The argument is that firms...

'Austrian Economics: The Next Generation' brings together emerging and established scholars to explore the insights that can be gleaned from applying Austrian economics to a range of different topics. Spanning a variety of related disciplines, from history to politics to public policy, this...

This book brings together emerging and established scholars to explore the insights that can be gleaned from applying Austrian economics to a range of different topics and a variety of related disciplines, from history to politics to public policy.

Boettke and Butkevich argue that a vibrant society is an entrepreneurial society. Entrepreneur- ial effectiveness is a function of the free movement of economic actions – their alertness to opportunities for mutual gain, and their sense of when and where to enter and exit a market. Boettke and...