Extending the Economic Foundations of Entrepreneurship Research

Abstract

As the entrepreneurship discipline grows, it increasingly faces unique research challenges. Recently, “interactive, activity based, cognitively hot, compassionate, and prosocial” approaches to the study of entrepreneurship have arisen to meet these challenges. This paper reflects and builds on recent discussions by emphasizing, in addition, the persistent value of economic foundations for a progressive research agenda in entrepreneurship. A realist economic perspective is both fundamental for entrepreneurship and complements newer research trends. It has also stood the test of time: economic questions relating to methodological individualism, uncertainty, judgment, opportunities, social motivations, and incentives have not only set the tone for past research, but continue to offer starting points and insights for contemporary work. This note thus makes two contributions: first, it explains the relevance of each of these concepts for contemporary work in entrepreneurship studies, and second, it uses them to pose novel research questions. These questions complement the abovementioned emerging trends in entrepreneurship.

Keywords: Economics, Austrian Economics, Methodological Individualism, Uncertainty, Judgment, Opportunities, Social Enterprise

JEL Classification: D81, L26, L31, O35