Alertness , Action , and the Antecedents of Entrepreneurship

  title={Alertness , Action , and the Antecedents of Entrepreneurship},
  author={Nicolai Juul Foss and Peter G. Klein},
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 a departure from the causal-realist price theory of Menger and his nineteenthand twentiethcentury followers. Second, we contrast Kirzner’s idea of entrepreneurship as discovery with a more realistic, and operationally meaningful, notion of entrepreneurship as action, one that ties together the… CONTINUE READING

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