Alertness, Action, and Entrepreneurship

Within Austrian economics, there are varying interpretations of the role and nature of the entrepreneur in the marketplace.

This week the Mises Circle will examine contrasting viewpoints on the entrepreneur, focusing on Kirzner and Sautet contra Foss and Klein.

In “The Nature and Role of Entrepreneurship in Markets: Implications for Policy,” Frederic Sautet and Israel Kirzner envision the entrepreneur as an actor in the process of discovery and ‘alertness’, incorporating models of equilibrium.

On the other hand, in “Alertness, Action, and the Antecedents of Entrepreneurship,” Nicolai Foss and Peter Klein critique this view and offer an interpretation of the entrepreneur more in line with Menger and the Austrians’ causal-realist approach, focusing on entrepreneurship in the context of action and ownership of capital.

So what is an entrepreneur and what role does the entrepreneur play in the market?

Come join us this week to discuss. We may even have a special guest (more details to come).


Can’t join us in person? Tune in to the Google+ Hangout. A link will be sent out when we go live.

When: Monday, February 18th at 7pm CST
Where: Waggener 308

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