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Dynamic Efficiency and a Judgment-Based Approach to Entrepreneurship: An Integrated Thesis for Development Economics

In: The Emergence of a Tradition: Essays in Honor of Jesús Huerta de Soto, Volume II

Author

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  • William Hongsong Wang

    (Universidad Europea de Madrid)

Abstract

In this chapter, I discuss an integrated version of entrepreneurship theory based on Jesús Huerta de Soto’s theory of dynamic efficiency (TDE) and the judgment-based approach (JBA) entrepreneurship theory. I point out that there are similarities and interconnections between the two views. Both of them emphasize the incentives that private property rights provide to the entrepreneurs and the characteristics of entrepreneurial decision-making under uncertainty. I also argue that creativity and coordination as dynamic efficiency go beyond the neoclassical economics’ resource allocation criteria under static and given conditions and correspond to the risks and uncertain environment that the entrepreneurs face, which Frank Knight and the JBA emphasize. Finally, I argue that the new theory will also provide unique elements to the Austrian theory of economic development.

Suggested Citation

  • William Hongsong Wang, 2023. "Dynamic Efficiency and a Judgment-Based Approach to Entrepreneurship: An Integrated Thesis for Development Economics," Springer Books, in: David Howden & Philipp Bagus (ed.), The Emergence of a Tradition: Essays in Honor of Jesús Huerta de Soto, Volume II, pages 103-110, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-17418-6_10
    DOI: 10.1007/978-3-031-17418-6_10
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