Israel Kirzner's Theory of Entrepreneurship - Austrian Economics with Steve Horwitz
Israel Kirzner’s 1973 book Competition and Entrepreneurship marked the beginning of the revival of Austrian economics. Kirzner explained that while prices were the medium by which knowledge in an economy spreads, the cause of that spread is entrepreneurial activity--people recognizing previously unimagined opportunities to combine inputs into more valuable outputs. Entrepreneurship is not an exercise in maximization under given constraints, but a discovery procedure. For Kirzner, markets are competitive when that discovery procedure is unconstrained, as opposed to when markets match the assumed conditions of the textbook “perfect competition” model.
About Israel Kirzner
Israel Meir Kirzner (also Yisroel Mayer Kirzner ; born February 13, 1930) is a British-born American economist, historian, rabbi, and Talmudist closely identified with the Austrian School.
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