Alertness, Judgment, and the Antecedents of Entrepreneurship

SMG WP 3/2010

31 Pages Posted: 1 Apr 2010

See all articles by Nicolai J. Foss

Nicolai J. Foss

Copenhagen Business School - Department of Strategy and Innovation

Peter G. Klein

Baylor University - Hankamer School of Business; Norwegian School of Economics (NHH) - Department of Strategy and Management; Ludwig von Mises Institute

Date Written: March 29, 2010

Abstract

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.

Keywords: economics, entrepreneurship, discovery, judgment, causal-realism

JEL Classification: B53, D01, D83

Suggested Citation

Foss, Nicolai J. and Klein, Peter G., Alertness, Judgment, and the Antecedents of Entrepreneurship (March 29, 2010). SMG WP 3/2010, Available at SSRN: https://ssrn.com/abstract=1579975 or http://dx.doi.org/10.2139/ssrn.1579975

Nicolai J. Foss (Contact Author)

Copenhagen Business School - Department of Strategy and Innovation ( email )

Kilen
Frederiksberg, 2000
Denmark

Peter G. Klein

Baylor University - Hankamer School of Business ( email )

Waco, TX 76798
United States
254-710-4903 (Phone)

Norwegian School of Economics (NHH) - Department of Strategy and Management ( email )

Breiviksveien 40
N-5045 Bergen
Norway

Ludwig von Mises Institute ( email )

Auburn, AL
United States

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