The Entrepreneur

Why do business firms exist?  Do firms substitute for the market or complement the market?  Why do firms buy some inputs but make others?These are basic economic questions. 

In his book The Theory of Economic Development, Schumpeter (1934) pointed out that entrepreneurs are prime movers of economic change. The entrepreneurs described by Schumpeter were innovators.

Austrian business cycle theory has been criticized on the basis of “rational expectations.” That is, reasonably high quality entrepreneurs—which are required for economic growth

Professor Holcombe argues that Kirznerian entrepreneurial alertness enables market actors to spot previously unnoticed profit opportunities. Entrepreneurs then act upon these opportunities.

Making Poor Nations Rich is a serious attempt to further develop the theory of entrepreneurship. Fourteen chapters of the book cover the most important issues of our time: wealth and poverty of nations,

This paper seeks to explore and to critically evaluate, from an economic standpoint, Joseph Schumpeter’s theory of the decline of capitalism, as put forward in his Capitalism, Socialism, and Democracy. 

This article describes how theories of entrepreneurship can be completely incorporated into a model of the competitive process to show that entrepreneurship is the engine of economic progress

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.

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,