using [[📗chang20_economics_pelican_user_guide]]'s classification with [Classifying Bayesian Entrepreneurship Archetypes cld](https://claude.ai/chat/b0dbceb3-b48e-43c2-85d7-3b3e688d35cf), | | Theory-Based Learning<br> (Neoclassical, Schumpeterian) | Emergent Learning<br>(Austrian, Behaviouralist) | | :---------------------------------------------------------------------------------- | :------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | :------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Shared Priors<br> (Neoclassical, Keynesian)<br>"We see the same opportunity" | Real Options Entrepreneur<br><br>- Systematic testing with shared assumptions<br>- Milestone-based experimentation<br>- Stage-gated investment approach<br>- VC-backed biotech startups<br>- Corporate innovation projects | Neoclassical Entrepreneur<br><br>- Conventional wisdom with practical execution<br>- Learning through market competition<br>- Adaptation through operational feedback<br>- Traditional small businesses<br>- Franchise operators | | Subjective Priors<br> (Austrian, Behaviouralist) <br>"I see something others don't" | Homo Entrepreneuricus<br><br>- Contrarian insights with rigorous testing<br>- Scientific approach to validating unique beliefs<br>- Systematic experimentation to reduce uncertainty<br>- Tesla/SpaceX (Elon Musk)<br>- Google (Page & Brin) | Effectuation Entrepreneur<br><br>- Unique vision with improvisational execution<br>- Learning through doing and pivoting<br>- Starting with available resources<br>- Bootstrapped startups<br>- Craft businesses (e.g., Spanx) | | Axes | Economic School Comparison | Reasoning (Key Idea) | | ---------------------------------------------------------- | ------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **Learning Approach**<br><br>Emergent <br>vs. Theory-Based | <br><br>🗽 **Austrian** <br>vs. <br>📈 **Neoclassical** | Austrians favor inductive, experiential learning through market action; <br><br>Neoclassicals favor deductive, theoretical prediction. | | **Priors**<br><br>Shared <br>vs. Subjective | 📈 **Neoclassical** <br>vs. 💰 **Keynesian** | Neoclassical economics assumes a shared objective reality (common priors); <br><br>Keynesian economics stresses fundamental uncertainty and subjective, divergent beliefs. |