When an entrepreneur brings new products & services to market, and these turn out to be successful, it may appear she "discovered" something that would have happened anyway. But this is just a metaphor. In reality, entrepreneurship is about taking action in an uncertain world. 1/ https://twitter.com/andrewhistorian/status/1288735023416446977
Taking action implies ownership (putting money on the table), responsibility (for losses as well as profits), and imagination (about the unknown future). These are obscured by an emphasis on discovery, alertness, arbitrage, and "opportunities." 2/ https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3126527
Kirzner's writings are subtle and insightful, but I think his alertness metaphor has been misleading in the study of markets, competition, and entrepreneurship. On this point, @PeterBoettke and I respectfully disagree. 3/ https://oll.libertyfund.org/pages/lm-kirzner
BTW if you're interested in entrepreneurial action, check this out! 4/4 https://twitter.com/kshtriya/status/1288751969126035456?s=20
You can follow @petergklein.
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