Download or read book The Essence of Entrepreneurship and the Nature and Significance of Market Process written by Israel M. Kirzner and published by Collected Works of Israel M. K. This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Kirzner here discusses his detailed research on the nature and process of entrepreneurship, expanding on his ideas about entrepreneurial alertness and offering a more systematic understanding of the concept of market process. The volume includes critiques from Martin Ricketts, Stephen Shmanske, and James C. Ahiakpor, along with Kirzner's replies to their objections"--

Download or read book Entrepreneurship and the Market Process written by Arielle John and published by Springer Nature. This book was released on 2020-12-14 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is the significance of entrepreneurship in an economy? Scholars have argued that when the market is viewed as a process of perpetual adjustment to various forces, and not as a set of end-state prices and quantities simply arrived at, the role of the entrepreneur comes to the fore. What then are fruitful ways to conceive of the phenomenon of entrepreneurship? How do entrepreneurs both respond to and shape larger forces in the economy? In what ways can political institutions and government regulation shape the decisions made by entrepreneurs, and their responsiveness to consumers? How does the cultural environment influence the types of opportunities that an entrepreneur will notice and act on? Finally, is entrepreneurial behavior strictly limited to activity we see in the market? This edited volume—comprised of chapters by scholars and students studying from the disciplines of sociology and economics—examines entrepreneurship theoretically and applied to various cases. It provides an overview of the economic literature on entrepreneurship and puts forth a framework for understanding the market process, as well the policy implications of government intervention and cultural considerations in the market. It will be of use to any scholars, students, practitioners or policymakers interested in entrepreneurship.

Download or read book Entrepreneurship and the Market Process written by David A Harper and published by Routledge. This book was released on 2002-01-08 with total page 429 pages. Available in PDF, EPUB and Kindle. Book excerpt: Enterpreneurship is central to the market process, and yet most theories of it fail to tackle the problem of how economic agents learn from their experience. This book redresses this by systematically applying the ideas of Karl Popper. It treats the entrepeneur as a theorist who develops conjectures which are then tested by exposure to the market, in an effort to eliminate errors. This is a critical aspect of the development of new ventures, as most entrepeneurial ideas turn out to be mistakes, at least in their original form.

Download or read book Discovery Capitalism and Distributive Justice written by Israel M. Kirzner and published by Collected Works of Israel M. K. This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discovery, Capitalism, and Distributive Justice makes Kirzner's case for the idea that entrepreneurial profit is both essential for an economy and profoundly just. Asserting that the problem with standard criticism of capitalist income distribution is a failure to see capitalism as a "discovery procedure," Kirzner argues that production and subsequent profit are neither automatic nor guaranteed. This important contribution to the larger debate of the capitalist system clarifies core economic issues, so that the positive science of economics can enlighten our understanding of justice in capitalist distribution. Successful production always results from the discovery of an opportunity to obtain new gains from trade, i.e., the discovery of entrepreneurial profit. Kirzner shows that profit is the just and fair possession of its discoverer. This is what he calls the "finders-keepers" rule: "The finders-keepers rule asserts that an unowned object becomes the justly owned property of the first person who, discovering its availability and its potential value, takes possession of it." Richard Ebeling reviewed the work in 1989, saying, "the heart of Professor Kirzner's argument is that every discovery of a new opportunity is the appropriation of that which had not existed before a human mind had seen the potential in that object." Kirzner's monograph is complemented here by three important articles on the subject of economic justice, a critique of Kirzner's theory, and a reply from Kirzner to that critique. Kirzner's finders-keepers rule of entrepreneurial profit and market distribution stands as one of the foremost defenses of the distribution of income and profit in the free-enterprise system. Israel M. Kirzner is a leading economist in the Austrian School and Professor Emeritus of Economics at New York University. Peter J. Boettke is University Professor of Economics and Philosophy at George Mason University and the BB&T Professor for the Study of Capitalism at the Mercatus Center. His publications include Living Economics, The Handbook of Contemporary Austrian Economics, and The Elgar Companion to Austrian Economics. He has been the editor of The Review of Austrian Economics since 1998. Frédéric Sautet is Associate Professor at The Catholic University of America, School of Business and Economics. He is a specialist in Austrian market process theory and teaches entrepreneurship studies. He has taught at George Mason University of Paris Dauphine. He is the author of An Entrepreneurial Theory of the Firm and has published widely on entrepreneurship.

Download or read book Economic Point of View written by Israel M. Kirzner and published by Ludwig von Mises Institute. This book was released on 1960 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Market Theory and the Price System written by Israel Mayer Kirzner and published by Ludwig von Mises Institute. This book was released on 2007 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: Israel Kirzner's outstanding book on price theory is back in print. It is been very difficult to obtain it for decades, even though it is surely the best textbook on Austrian price theory ever written. The prose is crystal clear and the organization exceptional. He takes the reader through the foundations of individual action, exchange, utility, demand and supply, production, and the market process itself. Had it been in print, it would have schooled generations in Austrian price theory, and it is surely useful in the classroom today, or for general reading. Not a collection of essays, it is an integrated presentation from top to bottom, written early in Kirzner's post-doctoral career.

Download or read book Research in the History of Economic Thought and Methodology written by Luca Fiorito and published by Emerald Group Publishing. This book was released on 2021-03-01 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Volume 39A features a selection of essays presented at the 2019 Conference of the Latin American Society for the History of Economic Thought, edited by Felipe Almeida and Carlos Eduardo Suprinyak, as well as a new general-research essay by Daniel Kuehn, an archival discovery by Katia Caldari and Luca Fiorito, and a book review by John Hall.

Download or read book The Meaning of the Market Process written by Israel M Kirzner and published by Routledge. This book was released on 2002-09-11 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: Israel Kirzner is the foremost proponent of the modern Austrian theory of the market process. This book offers substantive insights in support of this theory and a new historical interpretation of how the ideas of modern Austrians emerged.

Download or read book A Modern Guide to Austrian Economics written by Bylund, Per L. and published by Edward Elgar Publishing. This book was released on 2022-10-11 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Modern Guide explores central ideas, concepts, and themes in the Austrian school of economics, with a focus on how they, and with them the overall theory, have evolved over recent decades. Leading scholars offer their insights into potential directions of future research in the field, pointing towards contemporary debates and their potential conclusions, underdeveloped aspects and extensions of theory, and current applications of interest.

Download or read book The Entrepreneur written by Mark Christopher Casson and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Casson contends that, because of several assumptions made by classical economic theory, there is no established economic theory of the entrepreneur. A theory of the entrepreneur is needed to explain firm success or failure, firm creation and growth, economic growth and development, and income distribution. The entrepreneur is significant historically because, although he is atypical, he has altered the course of history. The essence of a theory of the entrepreneur should be both the rationalization of success and explanation of failure. A theory of the function of the entrepreneur will have an important role in a theory of economic dynamics, the competitive process, and trade cycles. The book proceeds based on two reconstructions of economic theory. (1) Individuals differ in taste and access to information; the entrepreneur proceeds on the basis of the unique information available to him. (2) There are inherent difficulties (transaction costs) in organizing markets; the entrepreneur often must create market institutions. Casson's theory converges functional and indicative definitions of the entrepreneur. He defines an entrepreneur as "someone who specializes in taking judgmental decisions about the coordination of scarce resources." Skills essential for the entrepreneur are identified. The most important concept for Casson's theory is coordination, as a problem and a process, private or social. It is the dynamic counterpart of allocation; two mechanisms are contract and conjecture. Bargaining must converge to equilibrium. The entrepreneur's assessment (the role of his superior judgment) of a situation (coupled with his role as intermediator) is crucial toward influencing where, when, and how coordination occurs. Coordination reduces the entrepreneur's exposure to uncertainty through insurance and speculation. Coordination is difficult in the realm of public goods (goods in common ownership). Entrepreneurial coordination is always partial, because it engages only a small sector of the economy; partial coordination is continuous, and overall consistency cannot be guaranteed. The theory of the entrepreneur is related to the theory of the market making firm: the entrepreneur operates in a market economy through the firm, of which the entrepreneur is the founder or owner-manager. To overcome obstacles to trade, market-making activities are required, which involve information and incur costs. Transaction costs can be reduced by market internalization. The entrepreneur can internalize the exploitation of commercial information upon which his superior judgment is based. When re-contracting is difficult, the market-maker responds by building inventory. Market-making services to buyers and sellers are usually packaged by an intermediator; the entrepreneurship function of producers and retailers is "impure." The economies of centralized control, which can be delegated and occur in many forms, can be attributed to the internalization of a market. Entrepreneurs adopt hard-line bargaining strategies because they believe they have superior market knowledge. The economic factors governing the growth rate of the firm are analyzed using concepts developed previously in the book. New firm formation results from opportunity recognition by the entrepreneur and the belief that it is best exploited by self-employment; the family is a major source of capital, labor, and information. The market for entrepreneurs operates uniquely; it allocates judgment decisions to entrepreneurs. The number of entrepreneurs and their rewards are analyzed. Because of major social and economic barriers, the heroic figure of the entrepreneur is a myth; entrepreneurship, however, is important for social mobility, even though the absolute degree is rather limited. Alternative economic theories of Leibenstein, Hayek and Kirzner, Knight, Schumpeter, and Andrews and Penrose are critically reviewe.

Download or read book Foundations of Entrepreneurship and Economic Development written by David A Harper and published by Routledge. This book was released on 2003-03-13 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: This well-written book is the first to deal with entrepreneurship in all its aspects. It considers the economic, psychological, political, legal and cultural dimensions of entrepreneurship from a market-process perspective. David A Harper has produced a volume that analyses why some people are quicker than others in discovering profit opportunities. Importantly, the book also covers the issue of how cultural value systems orient entrepreneurial vision and, in contrast to conventional wisdom, the book argues that individualist cultural values are not categorically superior to group oriented values in terms of their consequences for entrepreneurial discovery.

Download or read book Entrepreneurial Action written by Andrew C. Corbett and published by Emerald Group Publishing. This book was released on 2012-07-17 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: Volume 14 addresses the central issue of entrepreneurial action: while many factors are important to the phenomenon of entrepreneurship, entrepreneurship does not happen until someone takes action!

Download or read book The Nature and Role of Entrepreneurship in Markets written by Israel M. Kirzner and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper introduces the reader to the role of entrepreneurship in market process theory, as developed in the work of Israel Kirzner. It provides a short overview of the main issues and offers policy suggestions. Policy makers and others often associate entrepreneurship with the creation of new businesses. While this is an accurate description of one of the many outcomes of entrepreneurial activity, entrepreneurship encompasses far more than business start-ups. It derives from the creative power of the human mind and consists of the discovery of profitable ideas that enable market actors to exploit new, socially beneficial gains from trade. As such, entrepreneurship is the driving force of the market, and it makes progress and sustained prosperity possible. Economists emphasize that the market is a resource allocation mechanism. However, they often fail to explain how this allocation occurs because they fail to mention the role of entrepreneurial activity in trade. Resource allocation is the result of entrepreneurial discovery for potential gains from trade. In this sense, entrepreneurship, rather than resources and their allocations, matters more to individual wellbeing and to prosperity. In the social context, profit drives the entrepreneurial discovery of previously overlooked opportunities for trade and thereby signals a more desirable way to organize society's resources. In order to foster socially-beneficial entrepreneurial activity, policymakers must pay attention to the quality of institutions (especially as they impact profits). Institutions that enable individuals to bet on the future and to reap the gains they have discovered will foster entrepreneurial discovery and, as a result, will create a dynamic and prosperous society.

Download or read book Competition and Entrepreneurship written by Israel M. Kirzner and published by University of Chicago Press. This book was released on 2015-07-10 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: Stressing verbal logic rather than mathematics, Israel M. Kirzner provides at once a thorough critique of contemporary price theory, an essay on the theory of entrepreneurship, and an essay on the theory of competition. Competition and Entrepreneurship offers a new appraisal of quality competition, of selling effort, and of the fundamental weaknesses of contemporary welfare economics. Kirzner's book establishes a theory of the market and the price system which differs from orthodox price theory. He sees orthodox price theory as explaining the configuration of prices and quantities that satisfied the conditions for equilibrium. Mr. Kirzner argues that "it is more useful to look to price theory to help understand how the decisions of individual participants in the market interact to generate the market forces which compel changes in prices, outputs, and methods of production and in the allocation of resources." Although Competition and Entrepreneurship is primarily concerned with the operation of the market economy, Kirzner's insights can be applied to crucial aspects of centrally planned economic systems as well. In the analysis of these processes, Kirzner clearly shows that the rediscovery of the entrepreneur must emerge as a step of major importance.

Download or read book Historical Perspectives on the Entrepreneur written by Robert F. Hébert and published by Now Publishers Inc. This book was released on 2006 with total page 1 pages. Available in PDF, EPUB and Kindle. Book excerpt: Historical Perspectives on the Entrepreneur preserves a vital historical perspective by chronologically tracing the entrepreneur in the economic literature to give a complete perspective to contemporary writings and teachings on entrepreneurship. It reviews the historical nature and role of the entrepreneur as described and analyzed in economic literature from the eighteenth century to the present. Historical Perspectives on the Entrepreneur shows how Joseph Schumpeter changed the ambiguous nature of a concept of the entrepreneur to that which now occupies a primary role in the theory of economic development. It also examines other conceptions of entrepreneurship besides Schumpeter's including the many different facets of entrepreneurship as they have been perceived by some of the great economists throughout the ages. Finally, it illustrates the tension that often exists between "theory" and "practice." Historical Perspectives on the Entrepreneur should be required reading for all students of economics and those interested in entrepreneurship practice.

Download or read book Essays on Capital and Interest written by Israel M. Kirzner and published by Collected Works of Israel M. K. This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The third volume of "The Collected ""Works of Israel M. Kirzner" presents a collection of writings on capital theory that serve both as a discourse in the history of economic thought and as conceptual clarification in one of the most complex subjects in economics. This edition explores the notions of capital and interest in light of the controversies surrounding these topics. The first essay in this volume is Kirzner's introduction to the 1996 edition. The second essay was published as a stand-alone book in 1966 and presents Kirzner's capital theory, focusing on multi-period production plans. In the third essay Kirzner offers an interpretation of Ludwig von Mises's view of capital and interest. The fourth essay, written in the late 1980s, is Kirzner's attempt to clarify the difficulties found in interest theory. Finally, the fifth essay deals with Sir John Hick's capital theory in light of Kirzner's own Austrian position. Israel M. Kirzner is a leading economist in the Austrian School and Emeritus Professor of economics at New York University. Peter J. Boettke is the BB&T Professor for the Study of Capitalism at the Mercatus Center and a University Professor of economics at George Mason University. Since 1988 he has been the editor of the "Review of Austrian Economics." Frederic Sautet is a Visiting Associate Professor of Economics at the Catholic University of America. Previously, he has taught at George Mason University, New York University, and the University of Paris Dauphine. He was also a senior economist at the New Zealand Treasury and the New Zealand Commerce Commission. He is the author of "An Entrepreneurial Theory of the Firm" and has widely published on entrepreneurship.

Download or read book The Business Idea written by Soren Hougaard and published by Springer Science & Business Media. This book was released on 2004-10-25 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: Successful business ideas are not so much about talent as about a systematic approach. The Business Idea encourages new ways of thinking when it comes to entrepreneurship and innovation. Too many ventures originate in the solutions the entrepreneur has to offer and not in the problem the customer needs solved. Business plans done this way can often lead to disappointment. The Business Idea leaves behind this product orientated logic. The book presents new, applicable entrepreneurship methods for developing creative market insight, for identifying windows of opportunity, creating business concepts and entrepreneurial strategies for successful market entry. Entrepreneurship is a complex and risky process compared to almost everything else in business life, so it richly deserves to have its own theoretical and methodological toolbox. The Business Idea provides the tools making it of interest to anyone who works with getting an enterprise off the ground or studies entrepreneurship.