Politická ekonomie 2010, 58(5):623-640 | DOI: 10.18267/j.polek.751

Podnikání a ekonomický rozvoj: jaký je rozdíl mezi neorakouskou a novou institucionální ekonomií?

Ladislava Grochová, Tomáš Otáhal
1 PEF MENDELU v Brně.
2 Newton College, a.s., a PEF MENDELU v Brně.

Entrepreneurship and Economic Development: What is the Difference Between Austrian and New Institutional Approaches?

What is the role of entrepreneurship in economic development from the perspective of neo-Austrian and new institutional economics and what is the difference between these approaches? Neo-Austrian economists claim that economic development is caused by entrepreneurial discovery. New institutional economists argue that structure of incentives determined by the institutional environment provides a guideline for entrepreneurial decision-making. Hence, an institutional environment that rewards rent-seeking does not provide opportunities for economic development. In this paper we offer a comparison of these approaches to show that both entrepreneurial discovery and institutional environment are closely related. Moreover, with the comparison we demonstrate that entrepreneurial decision-making plays more important role in economic development when an institutional change is taken into account.

Keywords: new institutional economics, economic development, entrepreneurship, neo-Austrian economics
JEL classification: B25, D8, L26, O1

Published: October 1, 2010  Show citation

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Grochová, L., & Otáhal, T. (2010). Entrepreneurship and Economic Development: What is the Difference Between Austrian and New Institutional Approaches? Politická ekonomie, 58(5), 623-640. doi: 10.18267/j.polek.751
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