My Contributions to Entrepreneurship Theory

by Peter G. Klein


I briefly summarize my contributions to entrepreneurship theory, focusing on the links between contemporary entrepreneurship research, the “Austrian” understanding of markets and prices, and the economic theory of the firm. I articulate the “judgment-based approach” to entrepreneurial action and argue that entrepreneurship can and should be more tightly integrated into theories of production and exchange, firm strategy and organization, and public policy and administration. I also distinguish the judgment-based approach from the opportunity-discovery perspective associated with Israel Kirzner.


My background is unusual for an entrepreneurship scholar. I began my career as an industrial organization economist with little knowledge of the modern entrepreneurship literature (and little experience with entrepreneurship practice).

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