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

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Author Info

  • Douhan, Robin

    ()
    (Uppsala University)

  • Henrekson, Magnus

    ()
    (Research Institute of Industrial Economics)

  • Eliasson, Gunnar

    (Royal Institute of Technology)

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.

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Bibliographic Info

Paper provided by Research Institute of Industrial Economics in its series Working Paper Series with number 678.

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Length: 19 pages
Date of creation: 26 Oct 2006
Date of revision:
Publication status: Published in Small Business Economics, 2007, pages 213-223.
Handle: RePEc:hhs:iuiwop:0678

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

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  1. Demsetz, Harold, 1969. "Information and Efficiency: Another Viewpoint," Journal of Law and Economics, University of Chicago Press, vol. 12(1), pages 1-22, April.
  2. Aghion, P. & Howitt, P., 1989. "A Model Of Growth Through Creative Destruction," Working papers 527, Massachusetts Institute of Technology (MIT), Department of Economics.
  3. Jakee, Keith & Spong, Heath, 2003. "Praxeology, Entrepreneurship and the Market Process: A Review of Kirzner's Contribution," Journal of the History of Economic Thought, Cambridge University Press, vol. 25(04), pages 461-486, December.
  4. Israel M. Kirzner, 1997. "Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach," Journal of Economic Literature, American Economic Association, vol. 35(1), pages 60-85, March.
  5. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
  6. Segerstrom, Paul S, 1991. "Innovation, Imitation, and Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 99(4), pages 807-27, August.
  7. Vernon L. Smith, 1962. "An Experimental Study of Competitive Market Behavior," Journal of Political Economy, University of Chicago Press, vol. 70, pages 111.
  8. Baumol, William J, 1982. "Contestable Markets: An Uprising in the Theory of Industry Structure," American Economic Review, American Economic Association, vol. 72(1), pages 1-15, March.
  9. Holcombe, Randall G, 2003. " The Origins of Entrepreneurial Opportunities," The Review of Austrian Economics, Springer, vol. 16(1), pages 25-43, March.
  10. Lachmann, Ludwig M, 1976. "From Mises to Shackle: An Essay on Austrian Economics and the Kaleidic Society," Journal of Economic Literature, American Economic Association, vol. 14(1), pages 54-62, March.
  11. David Colander, 2002. "The Death of Neoclassical Economics," Middlebury College Working Paper Series 0237, Middlebury College, Department of Economics.
  12. Horn, Henrik & Persson, Lars, 1999. "The Equilibrium Ownership of an International Oligopoly," Working Paper Series 515, Research Institute of Industrial Economics.
  13. Douhan, Robin & Henrekson, Magnus, 2007. "The Political Economy of Entrepreneurship: An Introduction," Working Paper Series 688, Research Institute of Industrial Economics.
  14. Baumol, William J, 1990. "Entrepreneurship: Productive, Unproductive, and Destructive," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 893-921, October.
  15. Vernon L. Smith, 2003. "Constructivist and Ecological Rationality in Economics," American Economic Review, American Economic Association, vol. 93(3), pages 465-508, June.
  16. Bianchi, Milo & Henrekson, Magnus, 2005. "Is Neoclassical Economics still Entrepreneurless?," Working Paper Series in Economics and Finance 584, Stockholm School of Economics, revised 02 Feb 2005.
  17. Tony Yu, 2001. "An Entrepreneurial Perspective of Institutional Change," Constitutional Political Economy, Springer, vol. 12(3), pages 217-236, September.
  18. Audretsch, David B. & Baumol, William J. & Burke, Andrew E., 2001. "Competition policy in dynamic markets," International Journal of Industrial Organization, Elsevier, vol. 19(5), pages 613-634, April.
  19. Kirzner, Israel M, 1999. " Creativity and/or Alertness: A Reconsideration of the Schumpeterian Entrepreneur," The Review of Austrian Economics, Springer, vol. 11(1-2), pages 5-17.
  20. Richard R. Nelson & Sidney G. Winter, 2002. "Evolutionary Theorizing in Economics," Journal of Economic Perspectives, American Economic Association, vol. 16(2), pages 23-46, Spring.
  21. R. Koppl, 2006. "Austrian economics at the cutting edge," The Review of Austrian Economics, Springer, vol. 19(4), pages 231-241, December.
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Citations

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Cited by:
  1. Henrekson, Magnus & Lindström, Anders, 2008. "The Global Award for Entreprenurship Research," Working Paper Series 771, Research Institute of Industrial Economics.
  2. Kirzner, Israel M., 2008. "The Alert and Creative Entrepreneur: A Clarification," Working Paper Series 760, Research Institute of Industrial Economics.
  3. Joshua Hall, 2008. "Randall G. Holcombe, Entrepreneurship and economic progress," The Review of Austrian Economics, Springer, vol. 21(2), pages 219-222, September.
  4. Israel Kirzner, 2009. "The alert and creative entrepreneur: a clarification," Small Business Economics, Springer, vol. 32(2), pages 145-152, February.

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