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Perception, Opportunity, and Profit: Studies in the Theory of Entrepreneurship Paperback – November, 1983

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Product Details

  • Paperback: 288 pages
  • Publisher: Univ of Chicago Pr (Tx) (November 1983)
  • Language: English
  • ISBN-10: 0226437744
  • ISBN-13: 978-0226437743
  • Product Dimensions: 8.4 x 5.3 x 0.7 inches
  • Shipping Weight: 11.2 ounces
  • Average Customer Review: 5.0 out of 5 stars  See all reviews (1 customer review)
  • Amazon Best Sellers Rank: #4,026,807 in Books (See Top 100 in Books)

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Format: Paperback
Israel Meir Kirzner (born 1930) is a leading economist in the Austrian School. He wrote in the Preface to this 1979 book, "This theme---the role of entrepreneurship in market processes... [points to] the need for a thorough revision of the very core of modern economic theory... The papers here presented ... represent an attempt to demonstate further the profound significance of those entrepreneurial aspects of human action that are not captured in the standard models of economic decision making." (Pg. ix-x)

He notes, "Mises's concept of human action ... recognizes that men are not only calculating agents but are also alert to opportunities... This alertness is the entrepreneurial element in human action... entrepreneurship converts the theory of market equilibrium into a theory of market process." (Pg. 7) He adds, however, that "Much work still needs to be done. It would be good to know more about the institutional settings that are most conducive to opportunity discovery. It would be good to apply basic Austrian theory to the theory of speculation and of the formation of expectations with regard to future prices. All this would enrich our understanding of the economics of bureaucracy and of socialism." (Pg. 12)

He suggests, "entrepreneurship exists in captal-using production processes... [since] capitalists themselves, in lending their capital to entrepreneur-producers, are necessarily acting entrepreneurially." (Pg. 87) Later, he adds, "the essence of the entrepreneurial decision consists in grasping the knowledge that might otherwise remain unexploited." (Pg.
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