Wednesday, September 12, 2012

The Big Petrovski Weighs In on Entrepreneurship

The Big Petrovski writes:

Weighing In On The Entrepreneur Debate

Austrian economists Peter G. Klein and Israel Kirzner have opened up a debate over the nature of the entrepreneur. In the last week or so, Economic Policy Journal’s editor Robert Wenzel having taken Mr. Kirzner’s side, has escalated the debate by zeroing in on what he sees as the shortsightedness of Mr. Klein’s argument in that “there are no objective profit opportunities to be alert to.” Having given the example of how my family got started in Canada, I believe that I can offer an example to support Mr. Wenzel’s argument. According to Klein, an entrepreneur is only he who takes a risk. Kirzner and Wenzel’s view is that while risk is often present in entrepreneurial undertakings, it is not a defining characteristic of entrepreneurship. To them the crucial characteristic of the entrepreneur is his alertness to opportunity.

Read the rest here.

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