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

  • Douhan, Robin

    ()

    (Uppsala University)

  • Henrekson, Magnus

    ()

    (Research Institute of Industrial Economics)

  • Eliasson, Gunnar

    (Royal Institute of Technology)

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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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
Contact details of provider: Postal: Research Institute of Industrial Economics, Box 55665, SE-102 15 Stockholm, Sweden
Phone: +46 8 665 4500
Fax: +46 8 665 4599
Web page: http://www.ifn.se/
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  1. Philippe Aghion & Peter Howitt, 1990. "A Model of Growth Through Creative Destruction," NBER Working Papers 3223, National Bureau of Economic Research, Inc.
  2. Vernon L. Smith, 1962. "An Experimental Study of Competitive Market Behavior," Journal of Political Economy, University of Chicago Press, vol. 70, pages 111.
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  11. Bianchi, Milo & Henrekson, Magnus, 2005. "Is Neoclassical Economics still Entrepreneurless?," SSE/EFI Working Paper Series in Economics and Finance 584, Stockholm School of Economics, revised 02 Feb 2005.
  12. 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.
  13. 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.
  14. 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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  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. 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.
  20. Baumol, William J, 1990. "Entrepreneurship: Productive, Unproductive, and Destructive," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 893-921, October.
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