#israel kirzner

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An economics which seeks to grapple with the real-world circumstance of open-endedness must transcend an analytical framework which cannot accommodate genuine surprise.

—Israel Kirzner, British economist

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Uma sociedade livre é aquela em que os indivíduos são livres para descobrir por si próprios o leque de alternativas disponíveis.

Israel Kirzner

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Theories on Entrepreneurship

LEIBENSTEIN’S GAP-FILLING THEORY 

Harvey Leibenstein is a Ukrainian born American economist. One of his most important contributions to economic industry was the X - Efficiency theory or known as the Gap Filling theory. Harvey Leibenstein introduced the X - efficiency theory in the year of 1996. This theory focuses on how efficiency are maintained by individuals and firms under imperfect competion.

This theory has been one of the largest and most talked theory among entrepreneurs. It pushes them to be sufficient to get the maximum outputs form it's inputs, including the employee productivity and manufacturing efficiency. This theory acts as the gap filling of entrepreneurship in any economic activity such as the needs of the people.

X - efficiency theory has it's own advantage to tip the entrepreneurs for the ability that will connect them to the different markets through means of social media. Specially for this current generations who on social sites for their living. It gives them the idea to be more efficient business by running through advertisements, to getting influencers who could promote the product in a sufficient way.

WEBER’S SOCIOLOGICAL THEORY

Max Weber was a German sociologist who argued bureaucracy was the most efficient and rational model private businesses and public offices could operate in. His bureaucratic theories influenced generations of business leaders and politicians well into the 20th century.

While Weber's theory prioritizes efficiency, it isn't necessarily the best practice for leaders to implement. Weber was unlike most workplace leaders today. His theory of management, also called the bureaucratic theory, stressed strict rules and a firm distribution of power. He would've scolded today's managers, most of whom are open to new ideas and flexible work arrangements, for their leadership style.

"Precision, speed, unambiguity, knowledge of files, continuity, discretion, unity, strict subordination, reduction of friction and of material, and personal costs – these are raised to the optimum point in the strictly bureaucratic administration," wrote Weber. Many of Weber's beliefs discourage creativity and collaboration in the workplace, and oppose flexibility and risk.

KEYNESIAN THEORY

John Maynard Keynes was a political economist of extraordinary optimism and vision. Who believed that governments have it in their power to solve some of the greatest illa of capitalism. Keynes refused to either believe in communism, or in the utter wisdom of the unfettered free market. Instead, he occupied a middle course, believe that governments could with a judicious injection of money and a rise regulation, smooth out the peaks and troughs to which all economies seem fatefully prone. He believed that what chiefly holds back countries is corruption, knee-jerk policies, and shortsightedness, but these three ills are corrected, then humanity can look forward to an age incredible and lasting wealth.

Keynes' masterpiece was written in 1936. The General Theory of Employment, Interest, and Money. In this theory it causes of unemployment, in the hope of reducing new solutions to this intractable problem of the 1930s, and of capitalism more generally. For keynes, the real problem of unemployment lay in a lack of demand because the economic was not proprely focused on, but it became the linchpin of keynes' theories. Keynes argued that it was insufficient for economicsts and policymakers simply to advise peoplt to accept suffering in the short term, It always have the solution. What was needed was intervention in the economy, by governments in order to break the cycle of economic depression, and restore prosperity. According to him the demand is to low that there was little point in supplying goods. Government should, for keynes, act as the primary shopper in the land, crearing demand until more widespread sources off-demand can return. Keynes critized governments for the way they typically respond to downturns. One of Keynes' objection is focus government spending was the question as who should pay the loans. Here, Keynes applied his theory of what became known as the "Multiplier Effect". By creating jobs governments would save some of the money they would've spent on unemployment benefits. And to increase the number of people employment would create additional spending power, and therefore it boost the economy and tax receipt.

Not only Keynes believe that national governments could succesfully manage economies, but keynes also believed that a global system of economic organization was possible. He argued that, the purpose of global trade, countries should subscribe to the creation of a new international standadized unit account: called The Bancor. Its a complex system of accounting, the adoption of the pseudo-currency would allow the internationally-recognized organization to impose fines to discourage them from running large trade deficits or surplases. But ultimately, the Bancor did not come about. But several of Keynes' other proposal, such as the establishment of the World Bank, and The International Monetary Fund to oversee and encourage world trade to be accepted and have to change the world. In 1946, aged only 62, he died of complications from heart attacks. In thirty years later Keynesian policies were adpoted across the capitalist world. Economiies saw record lows of unemployment, and record high levels of economic growth. Keynes' ideas became the new orthroxy, and were particularly attractive to the political left.

ALFRED MARSHALL THEORY

Marshall's theory of capital was designed to serve two main purposes: an integration of the theory of income distribution into a general theory of value and the closing of the gap between economic theory and business practice.

For the first purpose, capital was considered the reward for the services of a specific factor of production; for the second, a generic source of income, "all things other than land which yield income". This implied a certain ambiguity, because the two notions of capital were clearly inconsistent with each other. The final setting of the Marshallian system was characterized by the presence of three different theories of capital, kept together by a demand-and-supply determination of the rate of interest, which provided a link with the theory of money.

As a quantity-theorist, Marshall held a "real" theory of the long-period determination of the rate of interest, in the absence of monetary policy; but he thought that the current level of the rate of interest could be influenced by monetary factors. An active monetary policy would both affect the "real" interest norm and produce occasional deviations from it. This position, quite new, was a significant advance towards an integration of real and monetary theory.

ALERTNESS THEORY

Israel Kirzner, a British-American economist, was born in London and moved to the United States via South Africa. Kirzner is an expert on Ludwig von Mises' economic theory and methodology and is an emeritus professor of economics at New York University. Kirzner's research on entrepreneurship economics is well-known. He criticizes neoclassical theory for its concern with the perfect competition model, which ignores the entrepreneur's significant role in economic life, in his book "Competition and Entrepreneurship." Kirzner's work integrating entrepreneurial action into neoclassical economics has gotten more attention than almost any other late-twentieth-century Austrian concept.

In 2006, Kirzner was awarded the Global Award for Entrepreneurship Research for developing an economic theory emphasizing the importance of the entrepreneur in economic growth and the correct functioning of the capitalist system. While Kirzner's theories have had a considerable impact on the field of entrepreneurship, he is best recognized for his perspective on opportunity spotting. A closer look at Kirzner's work, however, indicates that his entrepreneurial activity may be divided into two camps, one focusing on discovery and the other on production.

Kirzner's work can be divided into two categories: Kirzner Mark I and Kirzner Mark II, similar to Joseph Schumpeter's. Kirzner's main research interests include knowledge economics, entrepreneurship, and market ethics. Kirzner has remarked that he agrees with Roger Garrison's assessment that his work is in the middle, as opposed to recent, more radical viewpoints by Austrian School economists that deny the relevance of market equilibrium.

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Theories of Entrepreneurship

Kirzner’s Alertness Theory 

Israel Meir Kirzner is a British-American economist and emeritus professor at New York University. Kirzner’s learning alertness theory states that through the individual’s alertness, they can exploit situations where they can sell items at much higher prices when they can buy at much lower prices. He believed that there are two markets in the economy which are named single-market and multi-period market. In the multi-period market, Kirzner incorporated the elements of imagination and creativity into his concept. Entrepreneurs must introduce their own creative actions, in fact, build a future as they want it to be, Kirzner mentioned. 

As I researched, I came across a video (ELECT 401 Module 1 Lesson 3 - Entrepreneurial Opportunity Seeking and Identification) wherein it explained the opportunity-seeking in entrepreneurship which can support Kirzner’s theory of alertness.

First, you should search for the changes in the environment. Next, recognize the needs, wants, and solutions to that change. Lastly, discover the opportunity. In entrepreneurship, it is not just about the money to start. It is how you come up with an idea that can correspond to the needs, the wants, and the solution to the environment. Entrepreneurial alertness means you do have right to know your goals as well as the outcome of what is actually taking place.

For me, entrepreneurship is not an easy journey. It requires a lot of knowledge, risk, ideas, time, and effort. You cannot just think now then start it tomorrow, it should be planned well to increase the possibility of being successful. Some entrepreneurship ideas might not be the perfect outcome and some failures, but with entrepreneurial heart flame, gut game, and mind frame there are more chances to motivate to continue entrepreneurship.

- Czharlotte Dennisce Yaun

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Theories of Entrepreneurship

Want to learn more about Entrepreneurship? Interested? Check this blog cause we made it much easier to understand Entrepreneurship!

But before we proceed. Make sure to like, comment, and share with your friends! Also, don’t forget to follow for more Entrepreneurship studies! Let’s begin!

These are some Theories of Entrepreneurship that we’ve hand-picked to teach you so that you have an idea about Theories of Entrepreneurship! Let’s start with…

Innovation Theory

The Innovation Theory by Joseph Schumpeter, an Austrian economist & political scientist, believed that an entrepreneur could earn economic profits by introducing successful innovations. To gain more information, watch this video down below!

Innovation theory of profit posits that the main function of an entrepreneur is to introduce innovations and the profit in the form of reward is given for his performance. According to Schumpeter, innovation refers to any new policy that an entrepreneur undertakes to reduce the overall cost of production or increase the demand for his products.

Thus, innovation can be classified into two categories; The first category includes all those activities which reduce the overall cost of production such as the introduction of a new method or technique of production, the introduction of new machinery, innovative methods of organizing the industry, etc.

The second category of innovation includes all such activities which increase the demand for a product. Such as the introduction of a new commodity or new quality goods, the emergence or opening of a new market, finding new sources of raw material, a new variety, or a design of the product, etc.

The innovation theory of profit posits that the entrepreneur gains profit if his innovation is successful either in reducing the overall cost of production or increasing the demand for his product. Often, the profits earned are for a shorter duration as the competitors imitate the innovation, thereby ceasing the innovation to be new or novice. Earlier, the entrepreneur was enjoying a monopoly position in the market as innovation was confined to himself and was earning larger profits. But after some time, with the others imitating the innovation, the profits started disappearing.

An entrepreneur can earn larger profits for a longer duration if the law allows him to patent his innovation. Such as a design of a product is patented to discourage others to imitate it. Over the time, the supply of factors remaining the same, the factor prices tend to rise because of which the cost of production also increases. On the other hand, with the firms adopting innovations the supply of goods and services increases and their prices fall. Thus, on one hand the output per unit cost increases while on the other hand the per unit revenue decreases.

There is a point of time when the difference between the costs and receipts gets disappear. Thus, the profit more than the normal profit disappears. This innovation process continues, and the profits continue to appear or disappear.

Keynesian Theory

Keynesian economics by John Maynard Keynes, a British economist, is a macroeconomic economic theory of total spending in the economy and its effects on output, employment, and inflation. ... Based on his theory, Keynes advocated for increased government expenditures and lower taxes to stimulate demand and pull the global economy out of the depression.

For me, the Keynesian cross theory is a graph of expenditure and output level also a graph of different levels of equilibrium aggregate expenditure at different interest rate levels.

Since the investment spending is a function of interest rate when there is a change in interest rate which in turn results in a change in total output corresponding to the new equilibrium. Keynesian theorists argue that economies do not stabilize themselves very quickly and require active intervention that boosts short-term demand in the economy.

X-efficiency theory of entrepreneurship

What is the x-efficiency theory of entrepreneurship?

Harvey Leibenstein, the American economist, developed the X-efficiency theory in the 1960s. He views entrepreneurs as gap-fillers and input complementors. Gaps (X-inefficiency) emerge when there are inefficiencies in markets, such as when incumbents do not utilize their resources efficiently (Leibenstein, 1966;1978) because of political, normative, cognitive, and structural factors.

A classic example is a startup without a union that enters a market where all the incumbents have strong unions. The cost advantage of disorganized labor may help firms with low-cost business models to thrive at the bottom of the market at margins that are uneconomical for incumbent firms to pursue within the target ranges given to them by their shareholders.

If the maximum possible productive use of a resource is greater than the actual use by incumbents, an arbitrage opportunity emerges that an entrepreneur can exploit for profit. Entrepreneurs can also improve inputs by putting to use new resources, thus making existing products more efficient.

Incumbents can ignore, waste, or misuse resources due to inertia, incompetence, or ignorance. Thus, the entrepreneur is seen as correcting market inefficiencies by improving the information flow in a market.

X-efficiency theory seems to align well with Kirzner's view of entrepreneurship as alertness to opportunities caused by the lack of insight of incumbents.

Leibenstein’s thoughts focus mainly on two things: suggesting a theory of entrepreneurial economics and using this theory to explain the value of entrepreneurship within the economy. Rather than taking sides with a certain type of entrepreneurial activity, Leibenstein considers two sides, what he calls routine entrepreneurship (well-defined markets) and N-entrepreneurship (Schumpeterian-like). He introduces ways and possibilities of how both can exist within the economy, illustrating characteristics of the entrepreneur such as risk bearer, taking ultimate responsibility, gap-filler, input-completer, and the ability to evaluate economic opportunities.

Leibenstein’s procedure to both theories rests upon inputs and outputs of entrepreneurship (an example of the input would be a motivational factor) and the fact that entrepreneurship is a resource, a scarce one to be specific. Since his theory describes entrepreneurship as a resource, Leibenstein implies that entrepreneurship has value in the economy in the sense that the creation and fruition of tools and technology expand the economy and its features. But he states that because entrepreneurship is not predictable, controllable, or undetermined, it becomes scarce because the “up-and-coming” entrepreneurs have a lack of input-completing capacities. Thus, in some cases a well-defined market is impossible and that is his reason for considering both routine and N-entrepreneurship.

Leibenstein’s work is very credible in the sense that it outlines what an entrepreneur should do to be successful, and why we need entrepreneurship to exist. This passage would be helpful to a relatively new entrepreneur because Leibenstein is merely giving advice on how to be an input-completer and gap-filler, which he says makes for a successful entrepreneur.

Kirzner’s Learning-Alertness Theory

The basic concept in Kirzner's theory of entrepreneurship is alertness. ... The role of entrepreneurs lies in their alertness to hitherto unnoticed opportunities. Through their alertness, entrepreneurs can discover and exploit situations in which they can sell for high prices that which they can buy for low prices.

The book Competition and Entrepreneurship by Israel Kirzner, published in 1973, was a watershed moment in the revival of Austrian economics. While prices are the medium through which knowledge spreads in an economy, entrepreneurial activity–people recognizing previously unimagined opportunities to combine inputs into more valuable outputs–is the cause of that spread, according to Kirzner. Entrepreneurship is a discovery procedure, not a maximization exercise under given constraints. Markets are competitive, according to Kirzner, when the discovery procedure is unconstrained, rather than when markets match the assumed conditions of the textbook "perfect competition" model.

Alfred Marshall Theory

This theory was created by Alfred Marshall who was an English Economist. Marshall made a book called Principles of Economics published in 1890. So, if you what more information, watch this video down below!

Modern research on the economics of education began in the 1950s with research by T. W. Schultz, Jacob Mincer, Sherwin Rosen and some others, although there are earlier precedents, including analyses by Adam Smith, Alfred Marshall, and Milton Friedman. This new literature treats education as an investment that has both costs and returns. The returns analyzed are principally the increase in earnings because of greater amounts of schooling. The costs included tuition, fees, and other direct expenses from schooling, and the earnings foregone by being in school rather than at work. Higher education has boomed throughout the world during the past three decades in much poorer and in all rich nations. An important part of the explanation for this development is that new technologies, such as computers and the Internet, increased the demand for persons with college education because college graduates more easily utilize and adapt to these technologies. Other important developments explaining the greater incentives to get a higher education are the shift to high-skilled services, such as the education and health sectors, and away from manufacturing and increased globalization that helped spread the demand for these new technologies throughout the world.

And that's it! Thank you so much for reading until the end. Don't forget to like, comment on some suggestions, or even your learnings from this blog post. Also, share it with your friends! Hope you learn something! Stay tuned for more Entrepreneurship lessons!

[12-itcp-1a-entrepreneurship]

ENTREPRENEURSHIP PERFORMANCE TASK#1

12/ITCP/1A/Group2

Educational Blog

In this blog, you will know the basic theories in entrepreneurship. We choose 5 theories and explain the concept behind the theories through videos and accurate words of explanation. This blog is meant for students who wants to learn things in a comfortable environment. Enjoy the blog!

Innovation Theory 

According to the innovation theory of profit, the entrepreneur makes money if his innovation succeeds in either lowering the overall cost of manufacturing or raising the demand for his product. Joseph Schumpeter believed that a business person can win financial benefit by presenting fruitful advancement.

In other words, development hypothesis of benefits sets that the most work of a business person is to present innovation and the benefits within the frame of compensating is given for his performance. Agreeing to Schumpeter, development alludes to a modern approach that a business visionary embraces to diminish the generally taken toll of generation or increment the request for his item. In this way, advancement can be classified into two categories; The primary category incorporates all those exercises which decrease the generally fetched of generation such as the presentation of a modern strategy or method of generation, the presentation of modern apparatus, inventive strategies of organizing the industry.

Schumpeter’s Hypothesis of Development is in line with the other venture speculations of the trade cycle, which states that the alter in speculation went with by money related development are the major variables behind the trade changes, but be that as it may, Schumpeter’s Hypothesis sets that development in trade is the major reason for expanded speculations and commerce variances.

Alfred Marshall Theory

Alfred Marshall is widely regarded as one of the most prominent economists of his generation. His book, Principles of the political economy brought the ideas of providing and demand, utility, and value of production into a coherent whole. male monarch Marshall focuses on his theory of providing and demand, at the side of his conception important property of demand, that examines but price changes have control over demand. Marshall's capital theory was created with 2 goals in mind: to integrate the idea of financial gain distribution into a comprehensive theory important and to bridge the gap between theory and business follow. The capital was viewed as a payment for the services of a particular item of production for the primary purpose, and as a generic supply of financial gain for the second. This created misunderstanding, as a result of the two ideas of capital, were at odds with one each other.

We have selected this video to support Marshall’s Theory. The video explains his achievements and creating the book Principle of Economics. It is also explained that Economists already explained the principle of determining the price of a mobile phone. Marshall didn't need arithmetic to overshadow economic science and thus create economic science immaterially. According to this video, economics evolved into a distinct area of social science. His work included a comprehensive explanation of supply-demand and marginal. Marshall introduces us to a novel method of analyzing economic phenomena. This method aids in determining the causality of economic occurrences. Early economics was known as political economics since it was studied as part of the political methods of governing nations. However, Marshall's work was titled Principles of Economics.

Economic situations change over time, and each generation approaches its challenges in its unique way. Economic studies are being pursued more intensively than ever before in England, as well as on the Continent and in America; but, all of this effort has only served to highlight the fact that economic science is, and must be, one of steady and continual growth. Some of the best work of the current generation appears to be antagonistic to that of earlier writers at first glance; however, after it has had time to settle down into its proper place and its rough edges have been worn away, it has been discovered to involve no real break in the development of the science. Economics has two forms the macroeconomics and microeconomic, microeconomic is where Marshall specializes. It’s focus is on individual people and business. According to Marshall entrepreneurs must be able to foresee changes in the future supply and demand patterns.

Risk and Uncertainty-bearing Theory

Risk and Uncertainty are two primary things discussed in the theory of Frank Hyneman Knight, which is Risk and Uncertainty-bearing Theory. This states, entrepreneurs should be willing to bear uncertainty and risk in business to achieve a reward. The idea of the theory is more risks and uncertain decisions the entrepreneur is ready to take, the more profit he will attain. Risk-taking in business is pushing for a decision even though there might be possible negative or positive consequences. But uncertainty is when the outcome or repercussions of a decision is unknown.

The video attached supports the theory as it tackled risk and uncertainty, their types, and how to manage one. According to the video, the examples of this risk in business are in employees, health safety, and cyber security. Entrepreneurs cannot reassure that the employees they have will not resign or move out to another company. Accidents are not avoidable and may happen at any time of the day. Also, it may be possible that data can be hack from the company’s website. One of the uncertainties is in the economy, cultural changes, and competitors. The economy is ungovernable as interest rates can change as well as the exchange rates and the cultural changes that might affect the trends as well as rising business that can be a cause of possible competitor of your company. Entrepreneurs should manage to move forward and take new risks to obtain success.

As what the theory says, entrepreneurs are the one who connects the producer and consumer. Entrepreneurs are ready to take risks despite fallbacks in the hopes of achieving success. They should be critical in making their decisions and foresee the circumstances that may happen in the future.

Kaldor’s Technological Theory

Technological advancement is a natural aspect of the economic cycle. Technology also allows for more efficient manufacturing and service delivery. Technological advancement has a cost, as it eliminates some professions while creating others. Human productivity has also risen as a result of classical economic theory. More technological advancements imply more efficient production of goods and services, as well as higher economic growth.

It is also possible to transfer technology to different countries around the world. Technological advancements create new job opportunities. Workers must be re-educated and re-trained. Education should place a greater emphasis on creative thinking. There are also some drawbacks to technological advancement. One of these is that the competition has more specialized innovators. Unless current innovators seek to become more specialized, they will need more time to research.

Thus, according to Kaldor's Technological Theory, contemporary technology is a necessary component of production. Economic development would be hampered in the absence of modern technology, and growth may be expected from it. At the very least, an entrepreneur must keep up with new technology and discover methods to incorporate it into their business. In addition, the efficient application of contemporary technology will increase the efficiency of goods and service production.

Kirzner’s Learning-Alertness Theory

A British-born American economist, Israel Meir Kirzner. The entrepreneur is aware of pricing discrepancies that others have not noticed or observed, and he gains from this awareness and being alert. Kirzner's primary research interests are on the economics of knowledge and entrepreneurship, as well as market ethics. Kirzner's theory says that voluntary learning and competence are the two major attributes of entrepreneurs. An entrepreneur must be diligent in detecting entrepreneurial potential as well as consumer ignorance and must act quickly to correct incorrect notions.

The video supports the theory by Peter Boettke, a university professor of Economics and Philosophy that Kirzner's book called the Competition and Entrepreneurship denounces neoclassical theory for its preoccupation with the model of exact competition, which excludes the important role of the entrepreneur in economic life. His work integrating entrepreneurial action into neoclassical economics has been adopted more widely than practically any other late-twentieth-century Austrian concept. The part of the book was explaining how individuals compete on a variety of margins rather than just on one dimension and if you just slightly look at the world through, this entrepreneurial market process perspective will change the way we think about antitrust and monopoly. This book sort of goes through various activities to first show the stability of a market economy to adjustment path towards an equilibrium that's the role of the entrepreneur plays in buying low and selling high. Kirzner is explaining the unfolding of the economic process through time.

The main contribution of competition entrepreneurship is this examination of the price adjustment process and the minimal conditions that need to be met to have a theory of dynamic price adjustment which will lead to the market-clearing and how a market economy operates, in that way individuals realize the gains from trade and the gains from innovation but Kirzner also goes further to explain how business practices result in competition a variety of margins.

Submitted by: 12/ITCP/1A/GROUP2

GROUP 2  Leader: Neil Ashley Cañada Members: Allyeah Sayaboc                  Kieth Chua                  Gabriella Secretaria                  Ghem Cardente                  Jason Castroverde                  Joshua Agpalza                  Damien Caumeran

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ENTREPRENEURSHIP PERFORMANCE TASK #1

An Educational/Informative Blog

12 ITCP 1A PROVIDENCE - GROUP 5

In this blog, we will discuss our chosen five (5) theories on entrepreneurship. These chosen five theories are further explained and are supported with videos

Without further ado, Here are our five theories on entrepreneurship.

1. Innovation Theory

Written by:

Remigoso, Marc Antoine T.

An economic theory during the 1930s, Joseph Schumpeter an Austrian economist established a theory called “Innovation Theory” where it states that innovation plays a big role in economic development. According to the video “Schumpeter Theory on Innovation” on YouTube posted by StudyVids, Schumpeter's Innovation Theory puts great emphasis on the significance of innovation in organizations, the primary element of economic change which results to creative destruction the concept which Schumpeter is focused on.

The creative destruction states that in order to generate profit, businesses should constantly innovate. Organizations are looking for ways to make the products satisfactory to consumers. Entrepreneurs must strive to become more innovative such as creating fresh and unique products to stay on top or maintain their market position. Thus, entrepreneurs must be competitive and are always trying to innovate in order not to go out of business.

In addition, Schumpeter also defined the meaning of innovation. To him innovation is the production of new products and the different aspect of obtaining and providing raw resources and mass production. Another is that, in attempt to maintain costs inside the enterprise so that greater profits are attainable, innovative manufacturing methods is applied. In conclusion, Entrepreneurs contribute a vital part; they propel economic development, growth, and creative destruction in the creation and marketing of innovative products.

 2. Keynesian Theory

Written by:

Piner, Blake Russ

Napisa, Marianne Joy Y.

Another economic theory called the “Keynesian Theory” by John Maynard Keynes states that economy can fail if consumers and investors spend too little. In the video, “Keynesian Economics Concepts Explained with No Math!” on Youtube posted by Korczyk’s Class simplifies Keynes’ idea. As aggregate demand increases, so does the economy. Where in such aggregate demand can be measured as the amount of expenditure by families, organizations, etc.

It all started with the Great Depression where a lot of people were unemployed. According to the video, the American unemployment rate skyrocketed between 20-25% in 1933. Keynes proposed that the government should put people back to work like having new projects such as buildings roads, new infrastructures, etc., that would lead to full employment. By generating more jobs, you are putting more money into people’s hands.

This is the driving force of the demand because people have the ability to spend money on goods and services. Through this action, money would be circulating in the economy, thus maintaining economic growth. In summary, Keynesian’s Theory greatly emphasizes the relationship between the government and the economic development. Government has the curial role in maintaining economic growth by spending money to minimize or recover from the effect of extreme economic hardships.

3. Weber’s Sociological Theory

Written by:

Pescadero, Dee Jay R.

Purisima, John Louie N.

Max Weber’s Sociological Theory states that entrepreneurship is greatly influenced by social variables or factors. These social factors are religion, ethics or morals, traditions, education level and many more. Based on the video “Theories on Entrepreneurship” on YouTube posted by Ch-10 Applied Sc, Allied Physical and Chemical sc introduced a theory which was also proposed by Max Weber, the Theory of Religious Belief which can be seen at 4:22 of the video.

According to the Theory of Religious Belief, religious beliefs are one of the main factors that affect entrepreneurialism. The video also discussed the theory’s important elements. Spirit of Capitalism a strict discipline, which is main factor that drives the entrepreneur to be motivated to start a new business by the ability to make money and the attitude towards getting money.

A second factor is the Adventurous Spirit, an unrestrained energy of desire which also influences entrepreneur’s attitude towards his/her goal to make profit. In conclusion, social factors, religious beliefs and its variables the Spirit of Capitalism and the Adventurous Spirit greatly influences entrepreneurs which also aids them in continuing their entrepreneurial activities.  

4. Risk and Uncertainty-bearing Theory

Written by:

Ramirez, Sheldan Brix B.

In Risk and Uncertainty-bearing Theory by Frank Hyneman Knight an American Economist he stated that the main function of an entrepreneur is to bear risk. Production entails a variety of hazards as well as other unexpected costs. In the video, “Entreprenurial Uncertainty and Risk” on YouTube posted by Oleksiy Osiyevskyy, He explains Frank Hyneman Knight’s Theory in more depth.

It is said that risk and the rate of profit is different from industry to industry. Profit is the reward for taking risk. Based on the video, uncertainty has been categorized into two types which are the insurable risks and non-insurable risk. Insurable risk is the risk whose statistical probability can always be computed like the risk of fire, theft and accident are known as insurable risks. These kinds of risks can be insured and can be reduced

Non-insurable or uncertainty risk refers to a risk that is neither certain nor predicted and cannot be avoided. Its statistical probability also cannot be computed. Uncertainty risk emerges as a result of the overall economy, innovations, unhealthy competition among business enterprises, changes in government policies, and so on. Overall, no one will take risks only if there is a reward to look forward to. The primary motivation for taking a risk is profit and that the only way to gain profit is by taking risks.

5. Kizner’s Learning Alertness Theory

Written by:

Ocampo, Ann R.

Pasague, Van Yanni D.

Kizner's Learning Alertness Theory was discovered by Israel Kizner a British-American economist and associated with the Austrian School Of Economics. Kizner's theory of entrepreneurship is alertness that through this it can make entrepreneurs more productive and alert in changing and spreading different strategies and knowledge of their own. Also this theory gives opportunities to the entrepreneurs to exploit the ignorance of the customers about their products.

Based on the video “Israel Kizner’s Theory of Entreprenuership – Austrian Economics with Steve Horwitz” on Youtube posted by Libertarianism.org. Steve Horwitz described how Israel Kirzner's contributed to the devolopment of austrian economics in a variety ways throughout the 1960s. He also stated that Kizner is referring to our abilities to see things that others have missed, such as grasping and being alert to opportunities, and successful entrepreneurship bringing market actors' expectations into greater coordination by using resources in ways that better satisfy wants.

To sum up, I believe that Kirzner is very conservative. His approach doesn’t talk about the entrepreneurs to create new products. Even though, new products will become more valuable and catches the interest of different consumers. He doesn’t want to break away the routine of the flow of the market’s supply and demand by introducing new products but to view his arbitrage theory of profit.

Submitted By: Group 5 12 ITCP 1A PROVIDENCE

Submitted To: Ms. Steffi Jane Tadlas

Group 5 Members:

Napisa, Marianne Joy Y. -Leader/ Reviewer/ Keynesian Theory

Ocampo, Ann R. - Kizner’s Learning Alertness Theory

Pasague, Yan Vanni D.  - Kizner’s Learning Alertness Theory

Pescadero, Dee Jay R. - Weber’s Sociological Theory

Piner, Blake Russ C. - Keynesian Theory

Purisima, John Louie N. -  Weber’s Sociological Theory

Ramirez, Sheldan Brix B. - Risk and Uncertainty-bearing Theory

Remigoso, Marc Antoine T. - Innovation Theory

[leiabomsenso]

O sucesso demonstrado pelas economias de mercado capitalistas é o resultado de uma poderosa tendência para que cursos de ação produtiva menos eficientes e menos imaginativos sejam substituídos por formas superiores recentemente descobertas de servir os consumidores.

Israel Kirzner

[shinnnyyy]

RISK AND UNCERTAINTY BEARING THEORY

According to Prof. knight, it is uncertainty bearing rather than risk-taking which is the special function of the entrepreneur and leads to profit. We’ have seen that there are certain risks which are foreseen and provided against. Risks of death and of accident like fire and ship sinking's are statistically determinable. Their incidence is measurable. The insurance companies undertake these risks in return of premium paid to them. The payments of these premia are included in the cost of production. The entrepreneur gets no profit on account of these risks. Hence, risk taking is not the function of the entrepreneur, but of the insurance companies. But the genuine economic risks of the marketability of the product due to shifts in demand, are unforeseen and unpredictable.

WEBER’S SOCIOLOGICAL THEORY

was a German sociologist, historian, jurist, and political economist, who is regarded among the most important theorists on the development of modern Western society .Weber saw both structural and action approaches as necessary to developing a full understanding of society and social change. Firstly he argued that ‘Verstehen’ or empathetic understanding is crucial to understanding human action and social change, a point which he emphasized in his classic study ‘The Protestant Ethic and the Spirit of Capitalism’; secondly, he believed we could make generalizations about the basic types of motivation for human action (there are four basic types) and thirdly, he still argued that structure shaped human action, because certain societies or groups encourage certain general types of motivation (but within these general types, there is a lot of variation possible).

ALFRED MARSHALL THEORY

You can see here the details or you can gather some ideas here about Alfred Marshall. His influence was enormous; so much so that the first 25 years of twentieth-century economics may be described as the “age of Marshall” and subsequent developments as extensions of and counter-movements to his influence. Moreover, even when due allowance is made for the natural progress of economic science since Marshall’s time, it is remarkable how much of the Marshallian framework remains. These well-known points require restatement because the positive effects of the Marshallian influence are questioned today as perhaps never before. One could agree with criticisms if they were merely objections to the view sometimes expressed that “it’s all in Marshall,” meaning that little or no progress has been made in economics since he wrote. It would indeed be deplorable if scientific ideas worked out almost one hundred years ago were still the last word.

INNOVATION THEORY

- innovation is defined as the implementation of new combinations that specifically includes the launch of new products, development of new markets, manufacturing process and etc. Therefore, Schumpeter believes that the main element in any entrepreneur’s area specialization is imagination or innovation. A person who is willing and capable of turning a new concept or invention into a successful innovation. By doing this, it improves the chances in finding new opportunities. Schumpeter saw the Entrepreneur as more than as a business owner. Just like Sam, Schumpeter would not consider Sam as an Entrepreneur just because he opens a pizza parlor. What makes Sam an Entrepreneur in Schumpeter’s view is that Sam introduces new types of pizza. By using different variations, toppings, and flavors, Sam created a new product that no one has done before.  And by trying different tactics to make customers interested, Sam’s innovation leads to new products that attracts customers. In Schumpeter’s view the bigger the imagination the bigger opportunities and better products to develop.

KIRZNER’S LEARNING-ALERTNESS THEORY

Israel Kirzner is a British-American economist and emeritus professor at New York University. He is associated with the Austrian school of economics. According to Kirzner’s view, the main characteristics of an Entrepreneur is alertness. The Entrepreneur is alert to price differences that others have not noticed and makes a profit. Alertness leads people to make important discoveries that is capable of fulfilling human desires. Israel Kirzner said that an Entrepreneur must immediately find appropriate remedy to correct wrong perception. Alertness to opportunities permits us to grasp pure profit cause knowledge to spread. It is a process and perspective that helps some individuals to be more aware. Entrepreneur initiates a mechanism in which these newly discovered profit opportunities are then acted in the marketplace before the profit is destroyed by a market competition.

NAMES:

MALOLOY-ON, JUCEL

FLORES,KRIZ JAMMAE

PALER, SHINNA MARIE

[ffxivrmt777jpfan-blog]

Como Ganhar Dinheiro com o Hotmart Passo a Passo

Produto digital Pode ser divertido para qualquer um And for those who really want to learn how to trade options, there is an entire tutorial section. The disadvantages of the trading platform include perhaps a relatively small list of tools for trade, but there are all the most popular financial assets here. Olymp Trade trading conditions The entrepreneur is commonly seen as an innovator—a designer of new ideas and business processes.[78] Management skills and strong team building abilities are often perceived as essential leadership attributes for successful entrepreneurs. A Hotmart tem este maior acervo por produtos digitais no País do futebol, com Muito mais por 100 mil produtos cadastrados nos Ainda mais diversos nichos. Jesper Sørensen wrote that significant influences on the decision to become an entrepreneur are workplace peers and social composition. Sørensen discovered a correlation between working with former entrepreneurs and how often these individuals become entrepreneurs themselves, compared to those who did not work with entrepreneurs. – Macetes usados por quem já ganha bem dinheiro: Sãeste muitas dicas exclusivas e compiladas neste material de quem já ganha dinheiro com o Hotmart. Por isso, através primeira vez vamos como ganhar dinheiro com o hotmart passo a passo  te entregar 1 treinamento completo utilizando este passo a passo detalhado por como construir tua lista por emails usando 1 sistema profissional e GRATUITO. Some online courses offer a digital completion certificate. The students may issue this certificate inside the course itself or by contacting the Producer. These certificates can be shared on social media such as LinkedIn and added to a resumé. O Pinterest vem a ser a primário ferramenta de trafego e vendas de vários afiliados, e neste módulo irei te mostrar em detalhes o qual você precisa realizar para aplicar na sua estraté especialmentegia; Passo A Passo Completo: Como iniciar seu negócio on-line começando do absoluto zero utilizando as estratégias empreendedoras para te alinhar no sinal certo e iniciar com sucesso; Em seguida, iria em blogs que tem comentários ativados e também igualmente similarmente identicamente conjuntamente em perfis por redes sociais Acerca este o nicho. Um site completo para quem deseja aprender a trabalhar na internet com este Marketing de Afiliados. Fiquem à vontade e navegue gratuitamente pelos posts, página e classes e aprenda dominar este mercado por vendas em linha. Entrepreneurship employs what Schumpeter called "the gale of creative destruction" to replace in whole or in part inferior innovations across markets and industries, simultaneously creating new products including new business models. In this way, creative destruction is largely responsible for the dynamism of industries and long-run economic growth. The supposition that entrepreneurship leads to economic growth is an interpretation of the residual in endogenous growth theory and as such is hotly debated in academic economics. An alternative description posited by Israel Kirzner suggests that the majority of innovations may be much more incremental improvements such as the replacement of paper with plastic in the making of drinking straws. This is often problematic since the investor and the founder might have different incentives regarding the long-term goal of the company. An investor will generally aim for a profitable exit and therefore promotes a high-valuation sale of the company or IPO to sell their shares. Whereas the entrepreneur might have philanthropic intentions as their main driving force. Soft values like this might not go well with the short-term pressure on yearly and quarterly profits that publicly traded companies often experience from their owners.

acesse: https://www.comotrabalharemcasapelanet.com

[baseballlibertarian]

Baseball Libertarian (How the Mises Institute changed my life)

Notes How the Mises Institute changed my life

I met my first Austrians, and first libertarians, at Stanford University in the summer of 1988, at the Mises Institute’s Advanced Instructional Program in Austrian Economics, which evolved into the annual Mises University. There were about 40 students, mostly PhD students in economics, with four instructors: Murray Rothbard, Hans Hoppe, Roger Garrison, and David Gordon. Lew Rockwell, Pat Barnett, and Jeff Tucker were there too.

What a week! I had never experienced anything like it. I had read some Mises and Rothbard as an undergraduate economics major, presumably comprehending very little, and had spoken by phone to Murray Rothbard, Israel Kirzner, and Mario Rizzo while considering graduate programs. But I had never really talked to anyone about Austrian economics, about free markets, about liberty and justice. Now here I was, surrounded by experts and fellow learners, listening, discussing, laughing, and arguing late into the night. The participants were smart, passionate about ideas, and eager to soak up more – even the speakers, whom I assumed knew everything already. (I remember sitting behind Rothbard at one of the other speakers’ lectures and watching in amazement as he took page after page of notes in his distinctively unreadable scrawl.)

Until that conference, Austrian ideas had existed for me only in the university library (remember, there was no Internet in those days, when dinosaurs roamed the earth). Thanks to the Mises Institute, the Austrian School became to me a living, breathing entity – a social movement rather than a footnote in modern intellectual history. I felt a bit like Luke Skywalker, experiencing the Force for the first time during his light-saber training on the Millennium Falcon, when told by Obi-Wan Kenobi, “That’s good. You have taken your first step into a larger world.”

[leiabomsenso]

Empreendedor é aquele que cria um equilíbrio, encontrando uma posição clara e positiva em um ambiente de caos e turbulência.

Israel Kirzner

[quentynriyan]

Austrian Subjectivism and the Emergence of Entrepreneurship Theory - Israel M. Kirzner

    Read/Download Visit : https://kindleebs.xyz/?book=0865978581

Book Synopsis :

Austrian Subjectivism and the Emergence of Entrepreneurship Theory comprises several of Kirzner?s previously published papers on the subjects of methodological subjectivism and the history of entrepreneurship theory?topics of primary importance in Kirzner?s economic thought because one cannot fully understand entrepreneurship theory without considering subjectivism.The volume includes Kirzner?s seminal paper ?Methodological Individualism, Market Equilibrium, and Market Process,? in which ?Kirzner conceptualized the role of the entrepreneurial function in the market process for the first time in his work.? According to the editors, that paper ?opened the door to Kirzner?s research on the market process, leading six years later to the publication of Competition and Entrepreneurship. In doing so, it paved the way to the modern Austrian theory of the market process.?Israel M. Kirzner is a leading economist in the Austrian School and Professor Emeritus of Economics at New York

[minarquia]

7 lecciones de pueden aprender los dueños de negocios de la economía austriaca, por Mises Hispano.

Aparte de sufrir la intervención pública, entender los mercados es probablemente la tarea más complicada de cualquier dueño de negocios o emprendedor. Había buenas razones para que Ludwig von Mises insistiera en que economistas e instituciones que enseñan economía tenían que esforzarse para compartir teoría económica con dueños de negocios y público en general. La economía, como escribía Mises: “trata los problemas fundamentales de la sociedad: afecta a todos y pertenece a todos”. Esto se aplica de forma importante a los problemas diarios de poseer, iniciar o dirigir un negocio.

Y Mises no estaba solo. La Escuela Austriaca se ha preocupado desde hace tiempo por ser accesible y no posicionarse como una escuela de pensamiento esotérico para unos pocos investigadores. ¿Qué pueden entonces aprender los dueños de negocios a partir de las ideas básicas de los economistas austriacos? He aquí al menos siete lecciones que pueden ser bastante útiles para los que pretendan hacer crecer y sostener aventuras empresariales:

Uno: La gente actúa. Vayamos con lo básico. La praxeología, descrita por Ludwig von Mises, indica que la gente actúa y lo hace tratando de aumentar su satisfacción. Los dueños de negocios (empresarios, emprendedores y gestores, aquí estoy usando todas las expresiones de forma intercambiable, pero en teoría no son lo mismo) tienen objetivos concretos. Normalmente buscan beneficios o lo que se llama a veces un “mejor rendimiento financiero”. Por su parte, sus clientes tratan usualmente de pagar tan poco como sea posible para los mejores productos posibles que planean consumir. Toda acción puede considerarse en interés propio y, en las relaciones empresariales, como las acciones no tienen restricciones (es decir, la gente actúa libremente, sin verse obligada), los dueños de negocios tienen que proveer los mejores bienes y servicios a precios razonables. Si no lo hacen, otro lo hará. Además, los objetivos y deseos de la gente son subjetivos, así que dos personas distintas pueden valorar el mismo producto de dos maneras distintas. Estas diferencias intrínsecas llevan a una diferenciación en los precios ofrecidos, en los productos y llevan a la creación de distintas marcas para productos similares.

Dos: Gente y cosas son distintos. Los hombres de negocios saben que todo cliente es único y que sus gustos y deseos cambian cada día. La Escuela Austriaca de economía explica que toda acción humana se basa en los distintos tipos de conocimiento bajo la posesión del actor. El conocimiento cambia a lo largo del tiempo, llevando esos cambios a modificaciones en las características de la demanda. El dinamismo de la demanda de consumo requerirá una adaptación constante de los ofertantes en el proceso de producción que llevará a una constante innovación, emprendedores y empresarios guiarán ese cambio. Por un lado está la diversidad de deseos y voluntades y el dinamismo de la demanda y por el otro la demanda de bienes intermedios derivada de la demanda de productos finales. La demanda en todos los sectores siempre será heterogénea y dinámica. Los dueños de negocios no pueden dormirse en los laureles. El mito del empresario rico que puede permitirse quedarse sentado y no hacer nada es exactamente eso: un mito.

Tres: El marco es dinámico. Cuando los empresarios actúan, lo hacen para tratar de resolver sus propios problemas resolviendo los problemas de sus clientes. F.A. Hayek e Israel Kirzner veían los procesos de mercado como tendentes al equilibrio. Lachmann,[1] por el contrario, decía que las acciones del mercado pueden ser coordinadoras, descoordinadoras, equilibradoras o desequilibradoras y que en los casos realmente importantes prevalecen las tendencias desequilibradoras. Dicho de manera más sencilla: el mercado cambia constantemente y los empresarios tienen que adaptarse constantemente. Cuando un producto nuevo e innovador llega al mercado (como ocurre frecuentemente), cambia todo el panorama competitivo.

Cuatro: Nadie tiene todo el conocimiento. Ni empresas ni clientes saben todo y este acceso limitado al conocimiento influye directamente en las decisiones de negocio. Mises destaca que es imposible poseer todo el conocimiento al mismo tiempo. Hayek dice que el conocimiento está disperso por la sociedad, así que la adquisición de conocimiento es costosa e imperfecta, como sabe todo empresario de éxito: “cuanto más sabes, más sabes que no sabes mucho”.

Cinco: Los recursos importan. Las empresas pueden entenderse como grupos de recursos, incluyendo los recursos humanos y sus conocimientos. Los recursos son siempre heterogéneos e imperfectamente móviles. Por ejemplo, es imposible para el dueño de un restaurante usar los recursos que tiene a mano para crear una nueva empresa de consultoría, una fábrica de zapatos o una constructora al mismo tiempo y con exactamente los mismos materiales. En economía llamamos a esto la “heterogeneidad del capital”. Los recursos (que los economistas normalmente llaman “capital”) no pueden transferirse inmediatamente entre dos líneas distintas de producción o incluso dos etapas distintas de la misma producción. Se puede tratar de hacer, pero la eficiencia de los recursos disminuirá. Más aún: los empresarios tienen la responsabilidad de combinar y recombinar recursos continuamente debido a los nuevos atributos, tecnologías y nuevas demandas de consumo. Las empresas con una ventaja competitiva en un sector del mercado podrían ver desaparecer esta ventaja en cualquier momento. Cuando se combinan recursos tangibles e intangibles, heterogéneos e inmóviles y una demanda heterogénea, aparecen varias posibilidades distintas para las organizaciones empresariales. Aquellos dueños de negocios que combinen estos recursos de la manera que más agrade a los consumidores serán los que tengan más éxito.

Seis: Los gestores analizan y actúan. ¿Qué pasa con el papel de los gestores? Los gestores son agentes que tienen en sus manos las decisiones de las empresas. Los gestores actúan basándose en su conocimiento e incentivos, en interés propio. Las decisiones se implantarán mediante acciones y los resultados se observarán con el paso del tiempo. Los gestores tienen que actuar reconociendo, entendiendo, creando, seleccionando, implantando y modificando las diversas estrategias que ponen en marcha las empresas. En resumen, gestores o dueños de negocios tienen que innovar constantemente. (Ver Peter Klein aquí y aquí y Bylund aquí). Al analizar las necesidades del mercado y actuar sobre ellas, estos agentes están actuando para ajustarse a las realidades constantemente cambiantes del mercado.

Siete: La competencia consiste en generar ventaja. La competencia se basa en la investigación constante de recursos capaces de generar ventaja competitiva. El aprendizaje se produce cuando las personas dentro de la empresa consiguen una mejor comprensión de las señales del mercado (especialmente las señales financieras) que conllevan información acerca de la posición competitiva de la empresa. Malos resultados indican competencia en un segmento en el que la empresa no tiene ninguna ventaja competitiva. Las empresas que mantienen ventajas competitivas tendrán que defender su posición innovando continuamente porque los competidores actuarán para tratar de superar la ventaja competitiva de otra empresa mediante la modificación de su propia serie de recursos. Los cambios no llevarán a una etapa óptima, sino a una creciente diversificación.

En el núcleo de todo esto está la necesidad de atender mejor a los clientes. Como las preferencias y los deseos de todos los consumidores están cambiando constantemente, los dueños y gestores de negocios luchan también constantemente por descubrir y entender tanto lo que quieren los consumidores como la forma en que deberse usarse los recursos para ofrecer los productos que demanda la gente. No es una tarea fácil y por eso una mejor comprensión de la economía, como sabía Mises, es algo que puede beneficiar a todos.

El artículo original se encuentra aquí.

  [1] Ludwig Lachmann, Capital and its Structure. Institute for Human Studies. Edición original publicada por Bell & Sons, Ltd., en nombre de la London School of Economics and Political Science en 1956. 1978.

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[patalinghug-pitogo]

LEARNING-ALERTNESS THEORY

THEORY 5

           The Learning-Alertness Theory, which was discovered by Israel Kirzner, states two major attributes of entrepreneurs, namely learning and alertness as the namesake of the theory. It suggests that entrepreneurs must be more alert and be more aware of changes and opportunities. Being more aware will aid in developing new ideas and help in noticing overlooked possibilities. With being more alert, entrepreneurs must also have a willingness to learn and utilize the most efficient solution should there be any incorrection perceptions or mistakes. In simple terms, in this theory, an entrepreneur is a person that can discover previously unnoticed opportunities and immediately finds the correct solutions for problems.

          The video shown provides a good viewpoint. It explains the concepts of entrepreneurship in terms of the Learning-Alertness Theory and showed that entrepreneurship is a discovery procedure. It revealed that the knowledge in an economy spread due to entrepreneurial activities in which people recognize previously unnoticed opportunities and use to give more valuable outputs. The video is very informative, and can be a good support of Israel Kirzner’s theory.

[danmartinusa]

Carl Menger (1840-1921) and Eugen von Bohm-Bawerk (1851-1914) rejected the classical and Marxian ideas that could measure value objectively. They insisted that consumers' subjective preferences determine values; this shifted the attention of economic analysis from productive power to consumer demand. I remember this since I paid a large sum of money to have our company valued every year. Early Austrian Economics by Israel Kirzner. A 150-minute #Audible economics book narrated by Louis Rukeyser. (at Kingston, Washington) https://www.instagram.com/p/CJcR7wfFv05/?igshid=ntgmjtf015fm