Different views on entrepreneurial characteristics stem from the thinking of which two prominent economists?a.Joseph Schumpeter and David Audretsch.b.Joseph Schumpeter and Israel Kirzner.c.Reuven Brenner and Josepth Schumpterd.Israel Kirzner and Ivan H. Light.
Question
Different views on entrepreneurial characteristics stem from the thinking of which two prominent economists?a.Joseph Schumpeter and David Audretsch.b.Joseph Schumpeter and Israel Kirzner.c.Reuven Brenner and Josepth Schumpterd.Israel Kirzner and Ivan H. Light.
Solution 1
The different views on entrepreneurial characteristics stem from the thinking of two prominent economists: Joseph Schumpeter and Israel Kirzner.
Joseph Schumpeter is known for his theory of economic development and innovation. He believed that entrepreneurs are the catalysts for economic change and progress, introducing new products or methods of production, opening new markets, or reorganizing industries.
On the other hand, Israel Kirzner viewed entrepreneurship as a process of discovery. He believed that entrepreneurs are alert to opportunities that exist already and exploit them. They are equilibrators who bring markets back to equilibrium.
So, the correct answer is b. Joseph Schumpeter and Israel Kirzner.
Solution 2
The correct answer is b. Joseph Schumpeter and Israel Kirzner.
Here's why:
Joseph Schumpeter and Israel Kirzner are two prominent economists who have significantly influenced the understanding of entrepreneurial characteristics.
Joseph Schumpeter is known for his theory of economic development and innovation. He viewed entrepreneurs as innovators who drive economic change by creating new combinations of existing resources. According to Schumpeter, entrepreneurs disrupt the equilibrium of the market through the process of "creative destruction," replacing old ways of doing things with new and more efficient methods.
Israel Kirzner, on the other hand, emphasized the role of entrepreneurs in discovering and exploiting opportunities in the market. He viewed entrepreneurs as alert individuals who are able to recognize opportunities that others have overlooked. According to Kirzner, entrepreneurs move the market toward equilibrium by capitalizing on discrepancies between current prices and the prices that would exist if all opportunities were recognized and exploited.
Therefore, different views on entrepreneurial characteristics can be traced back to the thinking of these two economists.
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