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While Austrian economists have made great contributions in many subdisciplines of economics, their critiques of mainstream views of entrepreneurship have received arguably the most praise. Modern-day finance and entrepreneurship classes even use Austrian ideas dating back to Carl Menger’s Grundsätze der Volkswirtschaftslehre (Principles of Economics). But has Austrian Entrepreneurship Theory remained constant ever since?
Economics

A tale of three Austrian entrepreneurship views

While Austrian economists have made great contributions in many subdisciplines of economics, their critiques of mainstream views of entrepreneurship have received arguably the most praise. Modern-day finance and entrepreneurship classes even use Austrian ideas dating back to Carl Menger’s Grundsätze der Volkswirtschaftslehre (Principles of Economics).  But has Austrian Entrepreneurship Theory remained constant ever since? Well, throughout the 20th century, three views in particular developed that were distinct from each other. Below, we’ll analyze them; together, they suggest that

Joseph Schumpeter (1883-1950) was an Austrian economist and political scientist. Born in what is now the Czech Republic, he studied at the University of Vienna, and his publications were closely tied to the Austrian school of Economics.
Economics

Joseph Schumpeter: the most important economist you might not know of

Tune in to any discussion on economics, and you’ll likely be bombarded by the latest “groundbreaking theory” from a fashionable academic. Failing

Minimum wage laws are horrible. Low-skilled workers are thrown out of work if they cannot produce more than the minimum wage stipulates. If the minimum wage is $15/hour and a worker can only produce $13/hour worth of goods, they will not be hired since no profit-seeking employer would employ someone at a loss.
Basic Economics

Minimum wage laws deny low-skilled workers their autonomy

Minimum wage laws are horrible. Low-skilled workers are thrown out of work if they cannot produce more than the minimum wage stipulates. If the minimum

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