Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/183451
Authors: 
Elert, Niklas
Henrekson, Magnus
Year of Publication: 
2018
Series/Report no.: 
IFN Working Paper 1222
Abstract: 
We argue that scholars in the Austrian tradition of economics should incorporate the notion of a collaborative innovation bloc into their study of spontaneous market order. We demonstrate how successful entrepreneurship depends on an innovation bloc of this kind, a system of innovation that evolves and within which activity takes place through time. The innovation bloc consists of five pools of economic skills from which people are drawn or recruited to form part of a collaborative team, which is necessary if innovation-based venturing is to flourish. The five skills are entrepreneurs, early- and later-stage-financiers, key personnel, and customers. Through real-world examples, we show how the application of the collaborative innovation bloc perspective could help make Austrian economics more concrete, relevant and persuasive, especially in regard to policy prescriptions.​
Subjects: 
Austrian Economics
Entrepreneurship
Innovation
Institutions
Schumpeterian entrepreneurship
Spontaneous order
JEL: 
B53
D20
G32
L23
L26
O33
Document Type: 
Working Paper
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