The Entrepreneur

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.

Peter Klein focuses here on the financial-market entrepreneur — what Rothbard (1962, 1985) calls the capitalist-entrepreneur — to outline some features of an Austrian theory of corporate governance

In the last decades, more and more economists have advanced the idea that significant obstacles impeding economic growth (especially in less developed regions) consist in different market failures,

Much of what is contained within this book has more to do with developing a typology of various non-market institutions than explicitly developing theories of their more complex workings.

Mainstream growth theory focuses on the role of inputs and technology, but inputs and technology cannot produce growth without an environment that fosters entrepreneurship. I believe that the application of mainstream growth theory has often been harmful to economic growth because the mainstream theory ignores the market process.

Ludwig von Mises, Friedrich Hayek, and Murray Rothbard were the main architects of the distinctly Austrian theory of production as it exists today. All three conceived the entrepreneurial function