A Tale of Two Kirzners: Time, Uncertainty, and the “Nature” of Opportunities

  title={A Tale of Two Kirzners: Time, Uncertainty, and the “Nature” of Opportunities},
  author={Steffen Korsgaard and Henrik Berglund and Claus R. Thrane and Per Blenker},
  journal={Entrepreneurship Theory and Practice},
  pages={867 - 889}
This paper discusses the influence of Israel Kirzner on the field of entrepreneurship research. We review Kirzner's work and argue that it contains two distinct approaches to entrepreneurship, termed Kirzner Mark I and Kirzner Mark II. Mark I with its focus on alertness and opportunity discovery has exerted a strong influence on entrepreneurship research in the last decade, and helped catapult the field forward. We propose that Mark II, with its emphasis on time, uncertainty, and creative… Expand

Tables from this paper

A Dynamic Model of Entrepreneurial Opportunity: Integrating Kirzner's and Mises's Approaches to Entrepreneurial Action.
We highlight the important role that time plays in conceptualizations of opportunity in entrepreneurship research. Through two longitudinal case studies, we introduce a more dynamic understanding ofExpand
Considering Kirzner’s professional engagement posture in a context of crisis and subsequent reorganization of the Austrian School, the article investigates if there is originality in KirznerianExpand
Opportunities, Time, and Mechanisms in Entrepreneurship: On the Practical Irrelevance of Propensities
We conclude by suggesting that entrepreneurship scholars pay attention to Ramoglou and Tsang’s critique of naive positivism and their emphasis on mechanisms and causal explanations. However, we seeExpand
The Phantom Opportunity
Kirznerian entrepreneurs are described as alert individuals apt to identify opportunities through subjective inferences based on industry competition, price inequality, and interaction with otherExpand
Discovery or ownership? A new light on an Austrian controversy over entrepreneurship
This article delivers an original analysis of an Austrian controversy between Rothbard and Kirzner about the relationship between entrepreneurship and capital ownership: in real-world markets, mustExpand
Grabbling with the Kirznerian Heritage in a Time of Economic and Environmental Crisis
This chapter tries to grapple with the Kirznerian heritage of the entrepreneurship research field in light of the current financial crisis. This is done through the identification and discussion ofExpand
Hunting the Opportunity: The Promising Nexus of Design and Entrepreneurship
Abstract While recent debates in research on the creation of entrepreneurial opportunities increasingly link opportunity creation to the logic of design, they do not fully engage with the designExpand
Images of Entrepreneurship: Exploring Root Metaphors and Expanding Upon Them
Despite increasing recognition of the importance of metaphors to theory development, metaphors’ influence on entrepreneurship theorizing has been largely unexplored. This is problematic because aExpand
A Realist Perspective of Entrepreneurship: Opportunities As Propensities
The idea that entrepreneurial opportunities exist “out there” is increasingly under attack by scholars who argue that opportunities do not preexist objectively but are actively created throughExpand
Evasive Entrepreneurship
We argue that evasive entrepreneurship is an important, although underrated, source of innovation, and provide the first systematic definition of the concept. We for-mulate four propositions ofExpand


Alertness, Action, and the Antecedents of Entrepreneurship
We review and critique Israel Kirzner’s concept of the entrepreneur, offering three challenges to his basic analytical framework. First, we characterize Kirzner’s emphasis on equilibration as aExpand
The Alert and Creative Entrepreneur: A Clarification
Israel M. Kirzner is the 2006 winner of The International Award for Entrepreneurship and Small Business Research (the FSF-Nutek Award). In this Prize Lecture he argues that a number of those who haveExpand
Entrepreneurial Alertness and Opportunity Discovery: Origins, Attributes, Critique
Israel Kirzner's concept of entrepreneurship as alertness to profit opportunities is one of the most influential modern interpretations of the entrepreneurial function. Shane and Venkataraman'sExpand
Opportunity Discovery, Entrepreneurial Action, and Economic Organization
This paper reviews and critiques the "opportunity discovery" approach to entrepreneurship and argues that entrepreneurship can be more thoroughly grounded, and more closely linked to more generalExpand
Israel M. Kirzner: An Outstanding Austrian Contributor to the Economics of Entrepreneurship
Israel M. Kirzner is the 2006 winner of The International Award for Entrepreneurship and Small Business Research. In this essay, we present and evaluate his main contributions to the economics ofExpand
Entrepreneurship as Method: Open Questions for an Entrepreneurial Future
In this essay, we outline the provocative argument that in the realm of human affairs there exists an “entrepreneurial method” analogous to the scientific method spelled out by Francis Bacon andExpand
Beyond Creative Destruction and Entrepreneurial Discovery: A Radical Austrian Approach to Entrepreneurship
Although Schumpeter's theory on `creative destruction' and Kirzner's on `entrepreneurial discovery' dominate current entrepreneurship research in organization studies, one of the most fundamentalExpand
Accidental ventures—A materialist reading of opportunity and entrepreneurial potential
Summary Arguably, one of the unspoken philosophical bases of entrepreneurship studies is an unreflected metaphysical idealism, which can be seen in the way in which concepts such as “entrepreneurialExpand
A General Theory of Entrepreneurship: The Individual-Opportunity Nexus
In the first exhaustive treatment of the field in 20 years, Scott Shane extends the analysis of entrepreneurship by offering an overarching conceptual framework that explains the different parts ofExpand
Reflections on the 2010 AMR Decade Award: Whither the Promise? Moving Forward with Entrepreneurship As a Science of the Artificial
In this article we speak of roads taken and paths yet to be traversed. Over the past decade, entrepreneurship researchers have accumulated considerable work related to opportunities. Here we outlineExpand