Coase and the Kirznerians
22 Pages Posted: 9 Sep 2011 Last revised: 29 Jan 2014
Date Written: September 8, 2011
I interpret the theory of entrepreneurial discovery from the perspective of the theory of property rights. I analyze pure entrepreneurial profit and the logical construction of the theory as an extension of neo-classical microeconomic analysis and I argue that the key motivation for entrepreneurial discovery, the opportunity to discover pure entrepreneurial profit, is given by the structure of property rights. The structure of property rights determines entrepreneurial claims for pure profit, the level of protection against conflict of interest, costs of exclusive production means and social order.
Keywords: Entrepreneur, equilibrium, human action, knowledge, property rights
JEL Classification: B52, B53, D23, L26
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