With entrepreneurship at the core, “Austrians” only reluctantly use mathematical modeling and statistical analysis. After all, if the economy is a dynamic process of entrepreneurship and innovation, of what use are mathematical equations? Instead, their focus is on value creation, uncertainty, and how producers constantly adjust and attempt to meet changing consumer preferences.
Austrian economics is an economic theory that is much more realistic than equilibrium models. For that reason, it is also much more helpful for entrepreneurs.
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Why Every Entrepreneur Should Study the Austrian School of Economics
entrepreneur.com
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Modern economics is a theory of the economy that leaves no place for the entrepreneur. So where should entrepreneurs turn to improve their understanding? The Austrian school of economics might be the answer.
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