The Reading Room

The Best of the OLL No. 19: Israel Kirzner, “Entrepreneurial Activity and the General Market Process” (1963)

This is part of “The Best of the Online Library of Liberty” which is a collection of some of the most important material in the OLL. This essay is by the Austrian economist Israel Kirzner who is best known for his pioneering work on the role of the entrepreneur. In this section from a chapter Kirzner provides an excellent summary of the 4 different ways in which entrepreneurs can take advantage of common disequilibrium conditions and thus bring about better coordination in the market.