Foundations of Contemporary Economics: Israel Kirzner and the Function of Entrepreneurship

Teodor Sedlarski and Henrik Egbert

Ikonomiceski i Sotsialni Alternativi, 2021, issue 1, 121-127

Abstract: Israel Kirzner has made profound contribu­tions to the theory of entrepreneurship. His con­siderable insights address the entrepreneurial function in the market process. Kirzner belongs to the Austrian school and hence assumes subjective decision-making, incomplete sets of knowledge for all subjects, and market disequi­libria. He ascribes to entrepreneurs the ability to detect through alertness market disequilibria in dynamic competitive markets. Entrepreneurs as arbitrageurs bring markets closer to equilib­ria even if in a dynamic competitive market an equilibrium remains a theoretical utopia. In this short paper, we outline the most important as­pects of Kirzner’s entrepreneurial approach and the function entrepreneurship has in market-driven processes.

Keywords: Israel Kirzner; Austrian school; entrepreneurship; free market entry; arbitrage (search for similar items in EconPapers)
JEL-codes: B21 B25 D52 O12 (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:nwe:iisabg:y:2021:i:1:p:121-127

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