Entrepreneurship and Market Dynamics

Keith S. Glancey and Ronald McQuaid

Chapter 4 in Entrepreneurial Economics, 2000, pp 57-77 from Palgrave Macmillan

Abstract: Abstract The concern of this chapter is with the economic theories of entrepreneurship developed by Kirzner and Schumpeter. Both of these theorists identify an explicit function for entrepreneurship within an equilibrium approach to analysing the operations of a market economy, but do so from entirely different perspectives from each other and from that of neoclassical economics. Both Kirzner and Schumpeter relate entrepreneurial activity to the process through which the market economy adjusts in response to factors which create disequilibrium. In Chapter 3 it was shown that changing consumer preferences and production technologies are the major causes of disequilibrium but that neoclassical economics is not concerned with explaining why these factors should change in the first place.

Keywords: Market Economy; Entrepreneurial Activity; Austrian Economic; Exchange Rate Regime; Austrian School (search for similar items in EconPapers)
Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-333-98124-5_4

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DOI: 10.1057/9780333981245_4

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