The paper distinguishes two types of entrepreneurial activity in terms of their institutionally relevant contexts. Type 1 (Kirznerian) entrepreneurship refers to catallactic activity in which coordinating mechanisms, operating via the exchange of property rights, generates market prices. We...

The received Austrian theory of entrepreneurship is considered in light of the generation of knowledge. It is suggested that learning involving more than the discovery of profit opportunities provides a way to endogenize knowledge and to expand the scope of entrepreneurial activity. The...