Unpacking the concept of entrepreneurial opportunity to include three categories of essential ingredients, this paper provides a fruitful framework for applying Israel Kirzner's approach to entrepreneurship - bridging the entrepreneur as someone alert to opportunities to create value, to real...

This Element presents a new framework for Austrian capital theory, starting from the notion that capital is value. Capital is the value attributed by the valuer at any moment in time to the combination of production-goods and labor available for production. Capital is the result obtained by...

In order to identify and evaluate an entrepreneurial opportunity calculation is required. The entrepreneur must do more than simply perceive an opportunity to do something new to create value in the marketplace. Insofar as alternative possible actions exist, the entrepreneur must choose between...

A keynote address in which the author looks back at the rebirth of Austrian economics, characterizes its current state, and looks forward to its future development. The early years after the rebirth focused on methodology, but as the modern school has development its concerns have become much...