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Theory Of Entrepreneurial Discovery

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Author Info
Tomáš Otáhal
Abstract

The aim of the paper is to introduce Kirzner's theory of entrepreneurial discovery as a complement and an alternative to the mainstream theory. In the first and the second sections, the author explains the main influences of Ludwig von Mises and Friedrich August von Hayek's works on entrepreneurial theory. Section three analyzes pure entrepreneurial profit and logical construction of theory as a complement to mainstream theory. To introduce the entrepreneurial market process as an alternative to mainstream theory, the fourth section begins by explaining Kirzner's approach to the critique of the possibilities for economic calculation in the system of public ownership of the means of production and his theory of monopoly. The last section is a conclusion.

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Publisher Info
Article provided by University of Economics, Prague in its journal Politická ekonomie.

Volume (Year): 2008 (2008)
Issue (Month): 5 ()
Pages:
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Handle: RePEc:prg:jnlpol:v:2008:y:2008:i:5:id:658

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Related research
Keywords: knowledge; equilibrium; entrepreneur; discovery; competition process; alertness; Action;

Find related papers by JEL classification:
D8 - Microeconomics - - Information, Knowledge, and Uncertainty
L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
P11 - Economic Systems - - Capitalist Systems - - - Planning, Coordination, and Reform

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This page was last updated on 2009-12-2.

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