It is unfortunate that economics textbooks seldom present entrepreneurship as an integral part of economics education. This is so especially because we cannot conceive a market process in reality without an active role of entrepreneurs to exploit prof...
It is unfortunate that economics textbooks seldom present entrepreneurship as an integral part of economics education. This is so especially because we cannot conceive a market process in reality without an active role of entrepreneurs to exploit profit opportunities and to adjust his plans according to the continuous endogenous changes. This paper traces the cause of this gap to the lack of pursuit for the thorough subjectivism in current economics profession. In order to fill the gap, it proposes to incorporate the Austrian market process approach into the mainstream textbooks. In order to show the relevance of this proposal, this paper explains how the Austrian pursuit of thorough subjectivism involves the (Hayekian) knowledge problem, and how two types of entrepreneurship can be derived from the two types of knowledge problem, and why the two types of entrepreneurship are important in the ongoing market process.