Foss, Nicolai J.; Klein, Peter G.(Frederiksberg, 2010)
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Resume:
This paper offers a critical perspective on Israel Kirzner’s basic analytical framework.
Specifically, we characterize Kirzner’s emphasis on processes of equilibration as a
departure from the causal-realist price theory developed by Menger and his nineteenth- and
twentieth-century followers. In this context, we contrast Kirzner’s interpretation of
entrepreneurship as discovery with a more realistic, and operationally meaningful, idea of
entrepreneurship as action. Finally, we discuss an inconsistency in Kirzner’s treatment of
the antecedents of entrepreneurial behavior.