ISBN:
9789086867165
Language:
English
Pages:
Online-Ressource (Approx. 195 p, digital)
Series Statement:
SpringerLink
Series Statement:
Bücher
Parallel Title:
Erscheint auch als New perspectives on economic development : A human agency approach
Keywords:
Life sciences
;
Life Sciences
;
Life sciences
;
Austrian school of economics
;
Economic development
;
Economics Philosophy
Abstract:
This book is the first of its kind to use Austrian subjectivism to analyze issues in economic development. Unlike scholars in mainstream neoclassical economics who explain economic development by quantitative growth models, this book attempts to understand economic progress in human agency perspective. In this approach, human agency is placed at the centre of economic analysis. This book begins with a review of the theories of economic development in the history of Austrian economics, with the intention of extending the contributions of major Austrian economists to development economics. After pointing out the weaknesses in the orthodox neoclassical approach to economic growth, the book then puts forward a subjectivist methodology which integrates the contributions of Max Weber, Alfred Schutz and Austrian Economists to interpret economic phenomena and policies. This chapter also serves as a methodological foundation for arguments elaborated in subsequent chapters. The rest of the book discusses important issues in economic development, namely, entrepreneurial process, national capabilities, innovation, trade, government, transition and catching up strategies for firms in latecomer economies. The book ends with concluding remarks and a proposal for a new research agenda in economic development. This book is well written, free from mathematics and is highly readable. It adds new insights not only in economics, but also in management, politics and social sciences. It will be useful to scholars, policy makers and students in economic development, entrepreneurship, theory of the firm, management of innovation, government policy, economic sociology, Austrian and evolutionary economics
Abstract:
This book is the first of its kind to use Austrian subjectivism to analyze issues in economic development. Unlike scholars in mainstream neoclassical economics who explain economic development by quantitative growth models, this book attempts to understand economic progress in human agency perspective. In this approach, human agency is placed at the centre of economic analysis. This book begins with a review of the theories of economic development in the history of Austrian economics, with the intention of extending the contributions of major Austrian economists to development economics. After
Description / Table of Contents:
New perspectives on economic development; Preface and acknowledgments; Table of contents; Chapter 1. Economic development in Austrian economics; 1.1 Introduction: economic development in Austrian economics; 1.2 Carl Menger: uncertainty, knowledge and entrepreneurship; 1.3 Eugene von Bohm-Bawerk: the roundabout production process in the capitalist development; 1.4 Ludwig von Mises: entrepreneurship, economic calculation and the market process; 1.5 Friedrick A. Hayek: competition, discovery process and spontaneous growth; 1.5.1 Knowledge problems in the process of economic change
Description / Table of Contents:
1.5.2 Against government intervention and central planning1.6 Israel M. Kirzner: entrepreneurial discovery as the engine of economic growth; 1.7 Implications on constructing an Austrian model of economic development; References; Chapter 2. Bringing human agency back in: a subjectivist approach to economic development; 2.1 Orthodox neoclassical approaches to economic development: a critique; 2.2 Uncertainty, knowledge problems and entrepreneurship as the centre of economic analysis; 2.3 Foundations of the Austrian subjectivist approach
Description / Table of Contents:
2.4 Human action, sense-making and the formation of interpretation framework2.5 Entrepreneurial learning and the market process; 2.6 Trial and error elimination; 2.7 Competition, market selection and coordination; References; Chapter 3. The entrepreneurial process; 3.1 Introduction; 3.2 Theories of the entrepreneurial process in economics; 3.2.1 The entrepreneurial process as a process of creative destruction: Schumpeter's contribution; 3.2.2 The entrepreneurial process as a process of discovery and arbitrageurship: Kirzner's contribution
Description / Table of Contents:
3.2.3 Knight on the entrepreneurial process: uncertainty and judgement3.3 The entrepreneurial process as a process of subjective interpretation; 3.3.1 Repeated incoming events and routine response; 3.3.2 Novel incoming events; 3.3.2.1 Using old methods to tackle new problems; 3.3.2.2 Devising new methods to tackle new problems: adaptive learning; 3.3.3 Entrepreneurship and creating uncertainty; 3.3.3.1 Projection, focus, elaboration and implementation; 3.3.3.2 Business errors; 3.3.4 Errors due to uncertainty: divergent expectations and entrepreneur's misinterpretation
Description / Table of Contents:
3.3.5 Dealing with economic errors: learning, errors elimination and revision of plans3.4 Success or failure: profit or loss in the entrepreneurial process; 3.5 Summary; References; Chapter 4. National capabilities; 4.1 A need for a new research agenda; 4.2 Foundation of national capabilities; 4.3 Formation of agent's capabilities: experience and interpretation; 4.4 Capabilities to innovate; 4.5 From individual agent to firm capabilities; 4.6 Capabilities to cooperate and coordinate; 4.7 National capabilities and competitiveness
Description / Table of Contents:
4.8 Emergence of national capabilities: international competition, market selection and rule-following
Note:
Includes bibliographical references and index
,
English
DOI:
10.3920/978-90-8686-716-5
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