What is the significance of entrepreneurship in an economy? Scholars have argued that when the market is viewed as a process of perpetual adjustment to various forces, and not as a set of end-state prices and quantities simply arrived at, the role of the entrepreneur comes to the fore. What then are fruitful ways to conceive of the phenomenon of entrepreneurship? How do entrepreneurs both respond to and shape larger forces in the economy? In what ways can political institutions and government regulation shape the decisions made by entrepreneurs, and their responsiveness to consumers? How does the cultural environment influence the types of opportunities that an entrepreneur will notice and act on? Finally, is entrepreneurial behavior strictly limited to activity we see in the market? This edited volume-comprised of chapters by scholars and students studying from the disciplines of sociology and economics-examines entrepreneurship theoretically and applied to various cases. It provides an overview of the economic literature on entrepreneurship and puts forth a framework for understanding the market process, as well the policy implications of government intervention and cultural considerations in the market. It will be of use to any scholars, students, practitioners or policymakers interested in entrepreneurship.

This book asks several critical questions relevant to those interested in public policy: What is a nudge? What are the ethical implications of and justifications for nudges? Are we able to have nudges without affecting one's freedom to choose? In what institutional context are nudges likely to work well and in what context are they likely to fail? The text explores several real-world instances of government attempts at successful choice architecture across a wide range of policy topics: internet privacy laws, environmental policy, education policy, the sharing economy, and creating a national culture. This approach also highlights the spontaneous and evolutionary nature of social institutions like culture and trust. Attempts from policymakers to generate these social institutions where they did not exist previously are unlikely to succeed unless they are aligned with the unique characteristics of the society in question. This raises the question of whether the seemingly successful policy interventions were even necessary. A few of the chapters in this book directly examine these issues through case studies of both Latin America and Singapore. Each chapter in this volume explores the ways in which individuals in society respond to attempts by policymakers to "nudge" them towards a specific outcome. Some chapters explore the theoretical arguments in favor of utilizing this behavioral policy approach. Others explore the feasibility and potential limitations of this approach to public policy. Several of the chapters apply market process theory to understand a particular case study where nudge policies have been put into practice. The chapters, authored by an interdisciplinary group of policy scholars, include discussions of internet privacy laws, the sharing economy, education policy, environmental policy, as well as social issues such as trust and culture.

What is the significance of entrepreneurship in an economy? Scholars have argued that when the market is viewed as a process of perpetual adjustment to various forces, and not as a set of end-state prices and quantities simply arrived at, the role of the entrepreneur comes to the fore. What then are fruitful ways to conceive of the phenomenon of entrepreneurship? How do entrepreneurs both respond to and shape larger forces in the economy? In what ways can political institutions and government regulation shape the decisions made by entrepreneurs, and their responsiveness to consumers? How does the cultural environment influence the types of opportunities that an entrepreneur will notice and act on? Finally, is entrepreneurial behavior strictly limited to activity we see in the market? This edited volume-comprised of chapters by scholars and students studying from the disciplines of sociology and economics-examines entrepreneurship theoretically and applied to various cases. It provides an overview of the economic literature on entrepreneurship and puts forth a framework for understanding the market process, as well the policy implications of government intervention and cultural considerations in the market. It will be of use to any scholars, students, practitioners or policymakers interested in entrepreneurship.

Increasingly, economists realize that a deeper understanding of culture can improve their insights into the most important questions in economics. The Austrian school of political economy, which has always taken economics to be a science of meaning, and therefore, a science of culture, offers a unique approach to the study of culture in economic life. We consider three important differences between these Austrian and non-Austrian approaches: the Austrian focus on culture as meaning rather than culture as norms, beliefs, or attitudes; the Austrian emphasis on culture as an interpretative lens rather than as a tool or form of capital; and the Austrian insistence that cultural analysis be a qualitative exercise rather than a quantitative one. We also examine Geertz's description of culture, Gadamer's approach to hermeneutics, and Weber's interpretative sociology, demonstrating their connections to the Austrian approach and offering examples of what Austrian cultural economics can look like.