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Kirznerian Entrepreneurship and The Economics of Science

Author

Listed:
  • Butos William N.

    (Trinity College)

  • Boettke Peter J.

    (George Mason University)

Abstract

The paper distinguishes two types of entrepreneurial activity in terms of their institutionally relevant contexts. Type 1 (Kirznerian) entrepreneurship refers to catallactic activity in which coordinating mechanisms, operating via the exchange of property rights, generates market prices. We identify Type 2 entrepreneurship with noncatallactic processes.The paper argues that scientific activity, despite exhibiting characteristics congenial to the economic way of thinking, cannot be generally studied as a catallactic process under prevailing institutional arrangements. Recent changes in the institutional context of science, however, suggest a widening scope for treating science as a market activity.Cet article fait la distinction entre deux types d'activité entrepreneuriale suivant les contextes institutionnels où ils apparaissent. Le premier type (kirznerien) d'activité entrepreneuriale s'inscrit dans un cadre catallactique où les mécanismes de coordination opérant à travers l'échange des droits de propriété génèrent les prix marchands. Le second type d'activité entrepreneuriale que nous identifions relève de processus non catallactiques. L'article soutient que, même si elle présente des caractéristiques qui pourraient relever de la pensée économique, l'activité scientifique telle qu'elle est pratiquée dans les conditions institutionnelles actuelles, ne peut en général pas être étudiée comme un processus catallactique.Cependant, les changements récents dans le contexte institutionnel de la science suggèrent la possibilité grandissante d'envisager la science comme une activité marchande.

Suggested Citation

  • Butos William N. & Boettke Peter J., 2002. "Kirznerian Entrepreneurship and The Economics of Science," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 12(1), pages 1-14, March.
    • Handle: RePEc:bpj:jeehcn:v:12:y:2002:i:1:n:10
    DOI: 10.2202/1145-6396.1052
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    References listed on IDEAS

    as
    1. Peter J. Boettke & David L. Prychitko (ed.), 1994. "The Market Process," Books, Edward Elgar Publishing, number 54.
    2. 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.
    3. James Wible, 1994. "Charles Sanders Peirce's economy of research," Journal of Economic Methodology, Taylor & Francis Journals, vol. 1(1), pages 135-160.
    4. Esther-Mirjam Sent, 1999. "Economics of science: survey and suggestions," Journal of Economic Methodology, Taylor & Francis Journals, vol. 6(1), pages 95-124.
    5. Peter J. Boettke (ed.), 1994. "The Elgar Companion to Austrian Economics," Books, Edward Elgar Publishing, number 53.
    6. Hirshleifer, Jack, 1971. "The Private and Social Value of Information and the Reward to Inventive Activity," American Economic Review, American Economic Association, vol. 61(4), pages 561-574, September.
    7. Richard R. Nelson, 1959. "The Simple Economics of Basic Scientific Research," Journal of Political Economy, University of Chicago Press, vol. 67(3), pages 297-297.
    8. Butos William Ν. & Koppl Roger, 1999. "Hayek And Kirzner At The Keynesian Beauty Contest," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 9(2-3), pages 257-276, June.
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    Cited by:

    1. Peter J. Boettke & Christopher J. Coyne & Peter T. Leeson, 2014. "Earw(h)ig: I can’t hear you because your ideas are old," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 38(3), pages 531-544.
    2. Raymond J. March & Adam G. Martin & Audrey Redford, 2016. "The substance of entrepreneurship and the entrepreneurship of substances," Journal of Entrepreneurship and Public Policy, Emerald Group Publishing Limited, vol. 5(2), pages 201-220, August.
    3. March, Raymond J. & Geloso, Vincent, 2020. "Gordon Tullock meets Phineas Gage: The political economy of lobotomies in the United States," Research Policy, Elsevier, vol. 49(1).

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