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Foundations of Contemporary Economics: Israel Kirzner and the Function of Entrepreneurship

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  • Teodor Sedlarski
  • Henrik Egbert

Abstract

Israel Kirzner has made profound contribu­tions to the theory of entrepreneurship. His con­siderable insights address the entrepreneurial function in the market process. Kirzner belongs to the Austrian school and hence assumes subjective decision-making, incomplete sets of knowledge for all subjects, and market disequi­libria. He ascribes to entrepreneurs the ability to detect through alertness market disequilibria in dynamic competitive markets. Entrepreneurs as arbitrageurs bring markets closer to equilib­ria even if in a dynamic competitive market an equilibrium remains a theoretical utopia. In this short paper, we outline the most important as­pects of Kirzner’s entrepreneurial approach and the function entrepreneurship has in market-driven processes.

Suggested Citation

  • Teodor Sedlarski & Henrik Egbert, 2021. "Foundations of Contemporary Economics: Israel Kirzner and the Function of Entrepreneurship," Ikonomiceski i Sotsialni Alternativi, University of National and World Economy, Sofia, Bulgaria, issue 1, pages 121-127, March.
    • Handle: RePEc:nwe:iisabg:y:2021:i:1:p:121-127
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    File URL: https://www.unwe.bg/doi/alternativi/2021.1/ISA.2021.1.09.pdf
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    Cited by:

    1. Ivaylo Naydenov, 2022. "Where and Why an Entrepreneurial Class Did Not Appear During the National Revival Period," Proceedings of the Centre for Economic History Research, Centre for Economic History Research, vol. 7, pages 79-89, November.

    More about this item

    Keywords

    Israel Kirzner; Austrian school; entrepreneurship; free market entry; arbitrage;
    All these keywords.

    JEL classification:

    • B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development

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