Does the entrepreneurial market process reflect an equilibrating or disequilibrating tendency in the allocation of resources? We address this question by utilizing the case of Malcom McLean, who pioneered and introduced container shipping to international trade. We argue that Schumpeterian and...

"This interdisciplinary volume explores and engages the key thinkers and ideas of the Austrian School of political economy to better understand aspects of the market process and its implications for everything from disaster recovery and political development to morality and monetary policy."

What is the role of the entrepreneur in Carl Menger’s account of the market process? Modern entrepreneurship theory is broadly divided into two types. The Schumpeterian account of entrepreneurship takes an equilibrium state of affairs as an analytic starting point from which the entrepreneur...

We argue in this chapter that the transformation in the vision of economics from one in terms of processes to one in terms of equilibrium would in turn yielded public policy implications regarding the role of government and distributive justice. Although classical political economists had made a...

This paper argues that liberty and progress arose due to the generalized increasing returns to economic activity. These increasing returns follow from the gradual, cumulative process of institutionalizing liberties. As a society adopts an institutional framework from accumulated liberties, there...