Neoclassical economics oversimplifies; it assumes very few elements (capital, labor, and time), and it assumes direction towards a state of equilibrium. Starting from and developing the contribution of Ludwig M. Lachmann (1906-1990), this knowledge capsule shifts us into a more realistically complex pattern in which capital disequilibrium, unknowable future, heterogenous and oriented time, subjective expectations and institutions are staged, each with its role: the result is a more realistic model of entrepreneurship.
Encapsulated by Gabriele Marasti:
A Different Theory of Entrepreneurship
Original paper by Todd H. Chiles, Allen C. Bluedorn and Vishal K. Gupta:
Beyond Creative Destruction and Entrepreneurial Discovery: A Radical Austrian Approach to Entrepreneurship