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Winter 2022

ISSN 0890-913X

Volume 37, Number 4

Categories: Winter 2022 | Entrepreneurship | Austrian Economics

Lean Startup: A Bridge between Austrian Views of Entrepreneurship

Jeffrey E. Haymond, Cedarville University

Whitton A. Rice, Cedarville University

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TheJournalofPrivateEnterprise37(4),2022,61-76LeanStartup:ABridgebetweenAustrianViewsofEntrepreneurshipJeffreyE.HaymondCedarvilleUniversityUnitedStatesofAmericaWhittonA.RiceCedarvilleUniversityUnitedStatesofAmericaAbstractThispaperappliesEricRies’sLeanStartupmethodasabridgebetweendifferentAustrianeconomists’viewsonentrepreneurshipandthemarketprocess.LudwigvonMisesfocusedontheimportanceofentrepreneurship,whereasF.A.Hayekemphasizedthesystemicknowledgegeneratedbythemarketprocess.ModernmanagementtheoriesofentrepreneurshipsuchasLeanStartupcanserveasabridgebetweenthesedifferingemphases.Inthispaper,wecomparetheneoclassicalfocusonequilibriumandtheAustrianfocusonthemarketprocessanddemonstratehowtheLeanStartupmethodsolvestheknowledgeproblemwithcreativeentrepreneurship.JELCodes:B25,L22,L26Keywords:entrepreneurship,Austrianeconomics,economicopportunityI.IntroductionWhileentrepreneurshiphasbeenlongstudiedbyeconomists,tensionremainsbetweenmainstreamneoclassicaleconomicsandAustrianviewsofentrepreneurship.Neoclassicalequilibriummodelsleavenoroomforentrepreneurstobethedrivingforceofchangeinthemarketprocess,somethingthatPeterKlein(2010)calls“adeathblowtotheeconomictheoryofentrepreneurship”(p.94).Ifthesemodelsdonotallowfirmstodifferentiatethemselvesfromotherfirmswithinnovativeprocessesorproducts,thenmuchoftheimportantworkofentrepreneurshipisnotcapturedintheprevailingmodels.Kleinalsonotesthatmanyoftheinsightsfromtheeconomicresearchsurroundingtheoriesofentrepreneurship“areviewedasinteresting,butidiosyncratic,insightsthatdonoteasilygeneralizetoothercontextsandproblems”(p.93).Austrianandneoclassicaleconomistsalikeareconcernedabouttheefficientallocationofscarceresources.Intheneoclassicalmodel,this

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Metadata [hide]

Title	Lean Startup: A Bridge between Austrian Views of Entrepreneurship
Authors/Creators:	Jeffrey E. Haymond, Cedarville University Whitton A. Rice, Cedarville University
Year:	2022
Volume:	37
Number:	4
Pages:	61 - 76
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	entrepreneurship, Austrian economics, economic opportunity

Citation:
Haymond, Jeffrey E.; Rice, Whitton A. / 2022. "Lean Startup: A Bridge between Austrian Views of Entrepreneurship." The Journal of Private Enterprise, 37(4): 61-76.