Lean Startup: A Bridge between Austrian Views of Entrepreneurship
Journal of Private Enterprise
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.
entrepreneurship, Austrian economics, economic opportunity
Haymond, Jeffrey E. and Rice, Whitton Andrew, "Lean Startup: A Bridge between Austrian Views of Entrepreneurship" (2022). Business Administration Faculty Publications. 191.