The Entrepreneur

The capitalist entrepreneur acts with a specific goal in mind: to attain a monetary profit.

Entrepreneurship is the driving force of a market economy, and that entrepreneurs need property rights, the rule of law, sound money, and free and open competition to be successful.

This paper summarizes and compares the theories of entrepreneurship of Joseph A. Schumpter and Israel M. Kirzner as presented in their major scholarly contributions to economic analysis.

Richard Cantillon is credited with the discovery of economic theory and was the first to fully consider the critical role of entrepreneurship in the economy.

With the failure of central planning, many economists see government as an entrepreneurial institution that fosters efficiency and economic growth,

Volume 6, Number 1 (Fall 1985)

Charles Baird discusses the impact of Government regulation on entrepreneurial discovery.

In the later half of the twentieth century a production function approach to economic growth has led both growth theory and growth policy to conclude that increases in output could best be produced by increasing the inputs into the production process.

The purpose of this paper is to extend Kirzner’s theory by explicitly introducing the role of space in entrepreneurial alertness and the coordination of markets.

While corporate income taxation is a major issue in the debate over international finance, economic theory has no clear stance on who bears its burden.

Economic growth is determined by two elements, by (a) by the available quantities of goods that can be used in the productive process and (b) by the adroitness with which these available factors of production are combined.