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The Entrepreneurial Market Process—An Exposition

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  • Israel M. Kirzner

Abstract

The title of this article embraces three implicit, distinct claims: (i) that market phenomena are governed by definite chains of cause and effect, (ii) that these chains of cause and effect constitute and generate a definite process, and (iii) that what drives this systematic process is (not the pattern of mutual constraints which reflect the maximizing decisions of market participants, but) the outside‐the‐box, “daring,” hunches of entrepreneurs. The first of these three claims are fully consistent with the central thrust of economic science for over two centuries. The second of these claims will require us to clarify what we mean by “process.” The third of these claims challenges, as we shall see, the conventional wisdom of mainstream micro‐economic thought of the past century.

Suggested Citation

  • Israel M. Kirzner, 2017. "The Entrepreneurial Market Process—An Exposition," Southern Economic Journal, John Wiley & Sons, vol. 83(4), pages 855-868, April.
    • Handle: RePEc:wly:soecon:v:83:y:2017:i:4:p:855-868
    DOI: 10.1002/soej.12212
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    Cited by:

    1. Victor I. Espinosa & William Hongsong Wang & Jesús Huerta de Soto, 2022. "Principles of Nudging and Boosting: Steering or Empowering Decision-Making for Behavioral Development Economics," Sustainability, MDPI, vol. 14(4), pages 1-18, February.
    2. Vlad Tarko, 2020. "Understanding post-communist transitions: the relevance of Austrian economics," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 33(1), pages 163-186, March.
    3. Victor I. Espinosa & Miguel A. Alonso Neira & Jesús Huerta de Soto, 2021. "Principles of Sustainable Economic Growth and Development: A Call to Action in a Post-COVID-19 World," Sustainability, MDPI, vol. 13(23), pages 1-14, November.
    4. Beniamino Callegari & Christophe Feder, 2022. "Entrepreneurship and the systemic consequences of epidemics: A literature review and emerging model," International Entrepreneurship and Management Journal, Springer, vol. 18(4), pages 1653-1684, December.
    5. Victor I. Espinosa & José Antonio Peña-Ramos & Fátima Recuero-López, 2021. "The Political Economy of Rent-Seeking: Evidence from Spain’s Support Policies for Renewable Energy," Energies, MDPI, vol. 14(14), pages 1-16, July.
    6. Víctor Hugo Fernández-Bedoya & Monica Elisa Meneses-La-Riva & Josefina Amanda Suyo-Vega & Johanna de Jesús Stephanie Gago-Chávez, 2023. "Entrepreneurship Research in Times of COVID-19: Experiences from South America," Sustainability, MDPI, vol. 15(7), pages 1-17, March.
    7. Rodrigo Rodrigo Barra Novoa Barra Novoa, 2022. "An appreciative theorizing approach to gazelle enterprises assisted by the Arica Business Center," Post-Print hal-03916747, HAL.
    8. Peter J. Boettke & Rosolino A. Candela & Peter J. Jacobsen, 2023. "Economic calculation and transaction costs: The case of the airline oversales auction system," Southern Economic Journal, John Wiley & Sons, vol. 89(3), pages 708-731, January.
    9. Mohammad Zarei, 2017. "Entrepreneurial Tournaments: Towards Disclosing the Rivalry Process Among Corporate Entrepreneurs," Journal of Entrepreneurship, Management and Innovation, Fundacja Upowszechniająca Wiedzę i Naukę "Cognitione", vol. 13(2), pages 33-57.
    10. Victor I. Espinosa, 2021. "Salvador Allende's development policy: Lessons after 50 years," Economic Affairs, Wiley Blackwell, vol. 41(1), pages 96-110, February.
    11. Peter J. Boettke & Rosolino A. Candela, 2020. "The Austrian School of Economics: A view from London," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 33(1), pages 69-85, March.

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