Business Administration Faculty Publications

Lean Startup: A Bridge between Austrian Views of Entrepreneurship

Document Type

Article

Publication Date

Winter 2022

Journal Title

Journal of Private Enterprise

ISSN

0890-913X

Volume

37

Issue

4

First Page

61

Last Page

76

Abstract

This paper applies Eric Ries’s Lean Startup method as a bridge between different Austrian economists’ views on entrepreneurship and the market process. Ludwig von Mises focused on the importance of entrepreneurship, whereas F. A. Hayek emphasized the systemic knowledge generated by the market process. Modern management theories of entrepreneurship such as Lean Startup can serve as a bridge between these differing emphases. In this paper, we compare the neoclassical focus on equilibrium and the Austrian focus on the market process and demonstrate how the Lean Startup method solves the knowledge problem with creative entrepreneurship.

Keywords

entrepreneurship, Austrian economics, economic opportunity

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