Entrepreneurship in Action Space

According to Ludwig Von Mises (1949/1963), economics studies the causes and consequences of goal-directed action. Each of us seeks to improve our situations as we see it. But just how each of us perceives our situation, and what alternative ends and means we believe are available to us, depends crucially on the context.² Action is never without context but is instead undertaken by someone for something at a certain time and a certain place (Hayek, 1945).