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

Author

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  • Robin Douhan

    ()

  • Gunnar Eliasson

    ()

  • Magnus Henrekson

    ()

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. Copyright Springer Science+Business Media, LLC 2007

Suggested Citation

  • Robin Douhan & Gunnar Eliasson & Magnus Henrekson, 2007. "Israel M. Kirzner: An Outstanding Austrian Contributor to the Economics of Entrepreneurship," Small Business Economics, Springer, vol. 29(1), pages 213-223, June.
    • Handle: RePEc:kap:sbusec:v:29:y:2007:i:1:p:213-223
    DOI: 10.1007/s11187-006-9041-y
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    References listed on IDEAS

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    1. Segerstrom, Paul S, 1991. "Innovation, Imitation, and Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 99(4), pages 807-827, August.
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    3. 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.
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    5. Vernon L. Smith, 1962. "An Experimental Study of Competitive Market Behavior," Journal of Political Economy, University of Chicago Press, vol. 70, pages 322-322.
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    12. Baumol, William J., 1996. "Entrepreneurship: Productive, unproductive, and destructive," Journal of Business Venturing, Elsevier, vol. 11(1), pages 3-22, January.
    13. Demsetz, Harold, 1969. "Information and Efficiency: Another Viewpoint," Journal of Law and Economics, University of Chicago Press, vol. 12(1), pages 1-22, April.
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    15. Vernon L. Smith, 2003. "Constructivist and Ecological Rationality in Economics," American Economic Review, American Economic Association, vol. 93(3), pages 465-508, June.
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    17. Kirzner, Israel M, 1999. "Creativity and/or Alertness: A Reconsideration of the Schumpeterian Entrepreneur," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 11(1-2), pages 5-17.
    18. Holcombe, Randall G, 2003. "The Origins of Entrepreneurial Opportunities," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 16(1), pages 25-43, March.
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    22. Douhan, Robin & Henrekson, Magnus, 2007. "The Political Economy of Entrepreneurship: An Introduction," Working Paper Series 688, Research Institute of Industrial Economics.
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    Citations

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    Cited by:

    1. Magnus Henrekson & Anders Lundström, 2009. "The Global Award for Entrepreneurship Research," Small Business Economics, Springer, vol. 32(1), pages 1-14, January.
    2. Kirzner, Israel M., 2008. "The Alert and Creative Entrepreneur: A Clarification," Working Paper Series 760, Research Institute of Industrial Economics.
    3. Israel Kirzner, 2009. "The alert and creative entrepreneur: a clarification," Small Business Economics, Springer, vol. 32(2), pages 145-152, February.
    4. Jeroen de Jong & Orietta Marsili, 2015. "The distribution of Schumpeterian and Kirznerian opportunities," Small Business Economics, Springer, vol. 44(1), pages 19-35, January.
    5. Joshua Hall, 2008. "Randall G. Holcombe, Entrepreneurship and economic progress," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 21(2), pages 219-222, September.

    More about this item

    Keywords

    Austrian economics; economic development; entrepreneurship; small business economics; B49; B52; B53; O31; L26;

    JEL classification:

    • B49 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Other
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • A - General Economics and Teaching
    • A - General Economics and Teaching

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