By Israel Kirzner
Stressing verbal common sense instead of arithmetic, Israel M. Kirzner offers instantaneously a radical critique of up to date expense concept, an essay at the conception of entrepreneurship, and an essay at the concept of pageant. festival and Entrepreneurship bargains a brand new appraisal of caliber festival, of marketing attempt, and of the basic weaknesses of latest welfare economics.
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Extra resources for Competition and Entrepreneurship
The decision. injhe framework of the human-action approach, is not arrived at merely by mechanical computation of the solution to the nuurimizationÿroblem implicit in the configuration of the given ends and means. It reflects not merely the manipulation of given means to correspond faithfully with the hierarchy of given ends, but abo the vary perception of the endtmtan /raina work within which allocation and economizing is to take phce. Robbins's economizing man is endowed with the propensity to mold given means to suit given ends.
More closely dovetailing pfHem. remains unchanged. All this does not at ail mean that monopoly, within our framework of discussion, has become less potentially dangerous or less important. But it does mean that in analyzing the effects of what appears to be clear cases of monopoly, we know where to look for the source of the problem. looking at things teaches us that if a producer controls the production of a given commodity he is a monopolist jf hejs such not by virtue of any entrepreneurial rolçÿbgt _» a resulted a resource monopoly.
Although 1 have emphasized that pure entrepreneurial profits are captured by entrepreneurs, never by owners, an explanatory observation may be necessary to avoid my being misunderstood. Suppose an entrepreneur buys something at one date (let us say, a resource service) in order to sell it (or its resulting product) at a higher price at same later date. Now at the time of sale, that is, at the later date, the transac¬ tion may look like nothing but a sale of something owned. If the profits won by this entrepreneurial venture are calculated (by subtracting the price paid at the earlier date from the present selling price), it might appear that these profits have been won by an owner who has made a profitable sale.