ECON 3499 — Assignment 2

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ECON 3499 Assignment 2

One of the distinctive features of Austrian (micro)economics is its focus on the entrepreneur. What is exactly is an entrepreneur, and what is his or her function within the economic system? Contrast the the theory of the entrepreneur in Kirzner and in Schumpeter. Are their theories basically the same or fundamentally different? Explain.

If you're adventurous, you may also want to look at the third important theory of the entrepreneur, that of Frank Knight.