Research Handbook on Austrian Economics in Management and Entrepreneurship: (Research Handbooks in Business and Management series)

In this Research Handbook, global experts explore how the field of Austrian economics has been adopted and applied in management and entrepreneurship. They outline its current state in economic thinking, presenting a framework for understanding the market as a process motivated by subjective valuations. The authors investigate how the rich theories of Austrian economics can be used to advance management and entrepreneurship scholarship, as well as proposing potential applications beyond prior studies in this area. Contributors apply Austrian economics to contexts such as effectuation and the logic of action, women’s entrepreneurship, and agent-based modelling. They critically analyse and challenge the use of Austrian ideas in management and entrepreneurship and assess their theoretical and practical applications, as well as highlighting potential avenues for future research. Presenting valuable insights, this Research Handbook is an enlightening read for scholars and students of management and entrepreneurship, as well as economics and finance. Practitioners in business and policymakers will also benefit from its actionable advice.

Table of Contents:
Contents 1 Introduction: Austrian economics in management and entrepreneurship 1 Vishal K. Gupta and Per L. Bylund 2 Effectuation and the logic of action: critical assessment from a praxeological perspective 9 Per L. Bylund and Vishal K. Gupta 3 Quasi-markets: a promising area for Austrian economic research 39 Niklas Elert and Magnus Henrekson 4 Connecting Austrian economics and women’s entrepreneurship: gender capital in action 65 Christine Woods 5 The Austrian school of strategy revisited 88 Mark D. Packard 6 Ecosystems, capital structure, and entrepreneurial action 112 Magnus Holmén, Rögnvaldur J. Saemundsson and Håkan Knutsson 7 Innovation: bridges between management and the Austrian school 130 Fernando A. M. C. D’Andrea 8 Psychic profit, entrepreneurial judgment, and hybrid organizations 152 Mihai Vladimir Topan, Matthew McCaffrey and Carmen-Elena Dorobat 9 Agent-based modeling for Austrian perspectives in management and entrepreneurship research 179 Friederike Wall 10 Understanding the scholarly impact of Robert Jacobson’s (1992) “The ‘Austrian’ School of Strategy”: a citation context study 215 Athina Skiadopoulou, Sanjay Chaudhary and Vishal K. Gupta 11 On imagination, complexity, dynamism, uncertainty, and indeterminacy: a gathering of and meditation on the kaleidic “bones” of entrepreneurship 248 Todd H. Chiles and Mark D. Packard Index 286

About the Author :
Edited by Vishal K. Gupta, Professor, Department of Management, Culverhouse College of Business, The University of Alabama and Per L. Bylund, Johnny D. Pope Chair and Associate Professor, School of Entrepreneurship, Spears School of Business, Oklahoma State University, US

Review :
‘Entrepreneurship is fundamentally about action and to understand entrepreneurship we need entrepreneurship action theory. Austrian Economics offers a cornerstone in such theorizing. In their book the Research Handbook on Austrian Economics in Management and Entrepreneurship Vishal K. Gupta and Per L. Bylund show how the Austrian perspective can be useful at the micro level to management and entrepreneurship scholars.' ‘This collection brilliantly showcases Austrian economics as a vital framework for management and entrepreneurship scholars. By embracing the “logic of action,” the book offers fresh theoretical insights where mainstream economics falls short. This is a must read for all those seeking to better understand process-oriented approaches to business phenomena.’ ‘This book makes an important connection between management and entrepreneurship issues and the Austrian School of Economics. Not only does it emphasize core topics and principles such as subjective value, scarcity, a dynamic economic system, and a praxeological perspective but it is also a must-read for any management and entrepreneurship scholar and, more globally, anyone who is interested in the Austrian School of Economics.’