Alertness, Judgment, and the Antecedents of Entrepreneurship
SMG WP 3/2010
31 Pages Posted: 1 Apr 2010
Date Written: March 29, 2010
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: Suggested Citation