tag:blogger.com,1999:blog-3758330678390419129.post4582199992074466910..comments2024-02-13T02:39:22.756-05:00Comments on EconomicPolicyJournal.com: More Confusion on Kirznerian EntrepreneurshipRobert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-3758330678390419129.post-10502759014206792342018-10-09T23:12:18.481-04:002018-10-09T23:12:18.481-04:00There's something odd about an "entrepren...There's something odd about an "entrepreneur" who doesn't risk his own capital in the context of the free market. If I understand what RW is saying, this type of "entrepreneur" cannot make a loss. But the reason that the free market is superior to any other economic arrangement is that those entrepreneurs who make losses will yield resources to those who make profitsThe NAPsterhttps://www.blogger.com/profile/16631781625841157567noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-66277357759777575952018-10-08T18:45:56.333-04:002018-10-08T18:45:56.333-04:00If I understand RW based on his response to my mis...If I understand RW based on his response to my miss spelled capital comment: <br /><br />“The essence of entrepreneurship is understanding how capital, goods and labor can be put together to gain a profit. Whether capital, goods or labor are provided by the entrepreneur is beside the key point of entrepreneurial alertness.”<br /><br />An entrepreneur provides knowledge of how and when to combine AlexZouglehttps://www.blogger.com/profile/09903419350475485505noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-41007912152759210322018-10-06T22:53:28.424-04:002018-10-06T22:53:28.424-04:00Robert, you've given us plenty of examples of ...Robert, you've given us plenty of examples of people who can make money without using capital (in your view), and you've labeled them all "entrepreneurs." So that raises a couple of questions to which it would be good to get your answers, for completeness:<br /><br />1. Can an entrepreneur who doesn't risk his own capital ever make a loss?<br />2. If someone who risks his The NAPsterhttps://www.blogger.com/profile/16631781625841157567noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-71894939040118386002018-10-06T22:02:14.637-04:002018-10-06T22:02:14.637-04:00You are wrong on all counts. You have no idea what...You are wrong on all counts. You have no idea what you are talking about.<br /><br />The student could simply cancel the sale and report it out of stock to the Amazon buyer. This has happened to me on more than one occasion. there is no risk for the student.<br /><br />Although, some hedge fund managers and PE managers put their own money along side investors, this does not happen all of the timeRobert Wenzelhttps://www.blogger.com/profile/14296920597416905488noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-43782982290904871202018-10-06T20:54:58.192-04:002018-10-06T20:54:58.192-04:00Robert, I don't think that any of your example...Robert, I don't think that any of your examples are convincing arguments that one can be an entrepreneur without capital. In the Amazon situation, the student was at risk in terms of capital; if the supplier at $15 did not come through, the student would have had to procure a book elsewhere to supply it at $30. No capital may have been required ex post, but ex ante he had capital at risk. The NAPsterhttps://www.blogger.com/profile/16631781625841157567noreply@blogger.com