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...

In this paper I revisit the question of coordination – of plans by prices and other social institutions. Prices contain ambiguous information that requires interpretation. How are they, in spite of this, able to coordinate plans and actions. The answer given in this paper is that they are not...