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The Philosophical Foundations Of A Radical Austrian Approach To Entrepreneurship, Todd H. Chiles, Denise M. Vultee, Vishal K. Gupta, Daniel W. Greening, Chris S. Tuggle
The Philosophical Foundations Of A Radical Austrian Approach To Entrepreneurship, Todd H. Chiles, Denise M. Vultee, Vishal K. Gupta, Daniel W. Greening, Chris S. Tuggle
Department of Management: Faculty Publications
The equilibrium-based approaches that dominate entrepreneurship research offer useful insights into some aspects of entrepreneurship, but they ignore or downplay many fundamental entrepreneurial phenomena such as individuals’ creative imaginations, firms’ resource (re)combinations, and markets’ disequilibrating tendencies—and the genuine uncertainty and widespread heterogeneity these imply. To overcome these limitations, scholars have recently introduced a nonequilibrium approach to entrepreneurship based on Ludwig Lachmann’s “radical subjectivist” brand of Austrian economics. Here, this radical Austrian approach is extended beyond Lachmann to include the work of radical subjectivism’s other noted theorist: George Shackle. More important, the article extends entrepreneurship research by systematically comparing and contrasting …
Dynamic Creation: Extending The Radical Austrian Approach To Entrepreneurship, Todd H. Chiles, Chris S. Tuggle, Jeffery S. Mcmullen, Leonard Bierman, Daniel W. Greening
Dynamic Creation: Extending The Radical Austrian Approach To Entrepreneurship, Todd H. Chiles, Chris S. Tuggle, Jeffery S. Mcmullen, Leonard Bierman, Daniel W. Greening
Department of Management: Faculty Publications
We develop a new perspective on entrepreneurship as a dynamic, complex, subjective process of creative organizing. Our approach, which we call ‘dynamic creation’, synthesizes core ideas from Austrian ‘radical subjectivism’ with complementary ideas from psychology (empathy), strategy and organization theory (modularity), and complexity theory (self-organization). We articulate conjectures at multiple levels about how such dynamic creative processes as empathizing, modularizing, and self-organizing help organize subjectively imagined novel ideas in entrepreneurs’ minds, heterogeneous resources in their firms, and disequilibrium markets in their environments. In our most provocative claim, we argue that entrepreneurs, by imagining divergent futures and (re)combining heterogeneous resources to …