THE ENTREPRENEURSHIP'S CRUCIAL ROLE IN INTERNATIONAL TRADE

In the approach adopted by the Austrian School of Economics, the individual is the driving force in both the human action process and the economic activity, starting with the primary role in developing entrepreneurial acts. The purpose of this paper is to extrapolate the Austrians' approach to...

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Bibliographic Details
Main Author: Lungu, Anca Elena
Format: Conference Proceeding
Language:English
Subjects:
Division of labor
Economic development
entrepreneur
Entrepreneurs
Entrepreneurship
Free trade
International trade
Prices
Smith, Adam (1723-1790)
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Summary:In the approach adopted by the Austrian School of Economics, the individual is the driving force in both the human action process and the economic activity, starting with the primary role in developing entrepreneurial acts. The purpose of this paper is to extrapolate the Austrians' approach to international trade by analysing the human action or the entrepreneurial action. In order to understand the entrepreneurship's importance in the market, it is necessary to identify the merits and flaws (imperfections) of international trade theories in the context of a limited explanation of the entrepreneur's role in international trade acts. By analysing the literature, we noticed that the role of the entrepreneurship and the entrepreneurial activity are not sufficiently or properly explained or exemplified, therefore such an approach is necessary to better understand the differences among various countries.
ISSN:1849-3645
1849-5206