BEGINNER

Entrepreneurship

The process by which individuals seek to organize production and distribution to meet the demands of the market. If successful, the entrepreneur earns a profit and can continue his or her search for profits. Israel Kirzner refers to entrepreneurship as a discovery process. Entrepreneurs, who are alert to profit opportunities in specific industries attempt to realize these profits.

 

 

Israel Kirzner - Competition and the Market ProcessChris Coyne - The Future of Research on Entrepreneurship

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Entrepreneurship and Market Process

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Unfortunately, educating people about phenomena that are counterintuitive, not-so-easy to remember, and suggest our individual lack of human control (for starters) can seem like an uphill battle in the war of ideas. So we sally forth into a kind of wilderness, an economic fairyland. We are myth busters in a world where people crave myths more than reality. Why do they so readily embrace untruth? Primarily because the immediate costs of doing so are so low and the psychic benefits are so high.
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