Key features of Austrian economic theory are the use of
methodological individualism, the view that entrepreneurs cause
development, and the recognition that local knowledge is largely
tacit and thus difficult to communicate. The contributors to The
Spatial Market Process show how these and other Austrian features
provide an alternative foundation for understanding the spatial
manifestation of economic phenomena. Many chapters elaborate upon
theoretical insights first formulated by F.A. Hayek. The work of
urban theorist Jane Jacobs, the entrepreneurship theories of both
Joseph Schumpeter and Israel Kirzner, transaction costs in the
Coasean tradition, and Fritz Machlup's notion of "knowledge
conveyors" are examples of other theoretical constructs that are
integrated into new spatial theories by the contributors; combining
classical Austrian theories with contemporary breakthroughs.
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