Alertness, Judgment, and the Antecedents of Entrepreneurship

Nicolai Juul Foss, Peter G. Klein

    Research output: Working paperResearch

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    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.
    Original languageEnglish
    Place of PublicationFrederiksberg
    PublisherCenter for Strategic Management and Globalization
    Number of pages20
    ISBN (Electronic)9788791815560
    Publication statusPublished - 2010
    SeriesSMG Working Paper


    • Austrian economics
    • Entrepreneurship
    • Discovery
    • Judgment
    • Causal-realism

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