The Place and Importance of Kirzner's Entrepreneurship Theory in the School Austria Economy

One of the representatives of the Austrian School of Economics, Kirzner's “Enterprising Discovery Theory” was inspired by Mises and Hayek's views on the market process. Hayek’s analysis, which is very common with mainstream economics, has some problems. Because Hayek assumes that all participants in the market are price takers. How the prices are determined and how they will come to the balance again remains as an issue. Kirzner tried to fill this theoretical gap of Hayek using the “Enterprising Price Adjustment Theory” developed by Mises. In Kirzner's theory, the price taker is the entrepreneur. Entrepreneurs perceive changes in economic conditions and exploit incomplete coordination between prices and individual decisions to adapt to new market conditions. Kirzner's entrepreneurial perspective is the disclosure of the economic coordination process in modern market economies. Therefore, Kirzner's theory of entrepreneurship in the Austrian School of Economics will be analysed with similarities and differences in terms of its contributions to modern entrepreneurship theories