Israel M. Kirzner: An Outstanding Austrian Contributor to the Economics of Entrepreneurship

19 Pages Posted: 28 Jun 2007

See all articles by Robin Douhan

Robin Douhan

Uppsala University - Department of Economics

Gunnar Eliasson

Royal Institute of Technology (KTH) - Department of Industrial Economics and Management (INDEK)

Magnus Henrekson

Research Institute of Industrial Economics (IFN)

Abstract

Israel M. Kirzner is the 2006 winner of The International Award for Entrepreneurship and Small Business Research. In this essay, we present and evaluate his main contributions to the economics of entrepreneurship.

The focus is on how Kirzner defines the entrepreneurial function. In order to better understand his theory, we posit Kirzner's notion of an entrepreneur in the Austrian tradition. In so doing we emphasize that this concept opens up different perspectives as compared to the neoclassical theoretical framework. The three areas of economic policy, justice and freedom and economic growth are discussed. We also show why the Kirznerian entrepreneur makes these issues relevant.

Perhaps most importantly, Kirzner has made the Austrian School intelligible for non-Austrians. By bridging the chasm between Austrian and mainstream thinking, the crucial role of entrepreneurship and the individual entrepreneur has become visible to a much broader audience.

Keywords: Austrian economics, Economic development, Entrepreneurship, Small business economics

JEL Classification: B49, B52, B53, O31

Suggested Citation

Douhan, Robin and Eliasson, Gunnar and Henrekson, Magnus, Israel M. Kirzner: An Outstanding Austrian Contributor to the Economics of Entrepreneurship. Small Business Economics, Vol. 29, Nos. 1-2, 2007. Available at SSRN: https://ssrn.com/abstract=996882

Robin Douhan

Uppsala University - Department of Economics ( email )

Box 513
SE-75120 Uppsala
Sweden

Gunnar Eliasson

Royal Institute of Technology (KTH) - Department of Industrial Economics and Management (INDEK) ( email )

Stockholm, 100 44
Sweden

Magnus Henrekson (Contact Author)

Research Institute of Industrial Economics (IFN) ( email )

P.O. Box 55665
Grevgatan 34
Stockholm, SE-10215
Sweden
+46-8-6654502 (Phone)
+46-8-6654599 (Fax)

HOME PAGE: http://www.ifn.se/mh

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