Episode 5: Peter Klein on Austrian Entrepreneurship Theory

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What an honor to talk with Peter Klein about entrepreneurship theory!

Peter Klein is the Carl Menger Research Fellow of the Mises Institute and Professor of Entrepreneurship at Baylor University. He is an Adjunct Professor of Strategy and Management at the Norwegian School of Economics. He earned his PhD in economics at the University of CA in Berkeley and is a former Associate Editor of The Collected Works of F. A. Hayek. 

In this episode, Peter and I touch on a number of issues relating to the contributions of the Austrian School in the realm of entrepreneurial theory.

We discuss how the theory of the entrepreneur helps set the Austrian School apart from general Neo-classical economics. We relate the Misesian role of the entrepreneur to Mises’ distinction of profit vs. bureaucratic management.

Peter comments on entrepreneurial theory as it relates to the socialist calculation debate, and distinguishes between Israel Kirzner and Murray Rothbard’s interpretation of Mises as to the function of the entrepreneur in a market economy.


Mentioned Resources:

My Contributions to Entrepreneurship Theory, by Peter Klein

Bureaucracy, by Ludwig von Mises

Two Austrian Schools: The Mengerians and the Walrasians, by C.Jay Engel