On Neglected Opportunities And Entrepreneurial Discovery

Abstract

The idea of entrepreneurial discovery of profitable opportunities neglected by others as the driving force of the market process is the key contribution of Kirzner to economics. However, to enrich our understanding of the process of entrepreneurial discovery and to derive testable implications we need something more concrete than Kirzners alertness. The paper builds on Kirzners distinction between the logic of choice and perception (or understanding), by arguing that the essence of decision making is coming to an understanding, and learning how to act. A set of behavioral implications (such as experimentation, habits, imitation, empathy, etc..) follows as patterns of learning in different contexts. Further, conventions emerge as a means of stabilizing mutual expectations. Stability of conventions on the one hand and learning over time on the other creates possibility of entrepreneurial discovery and endogenous process of change.Lidee de decouverte entrepreneuriale des opportunites profitables ignorees par les autres en tant que force motrice du processus marchand represente la contribution fondamentale de Kirzner a la science economique. Cependant, nous devons disposer de quelque chose de plus concret que la vigilance kirznerienne si nous voulons approfondir notre comprehension du processus de decouverte entrepreneuriale et en deduire des implications testables. Larticle se fonde sur la distinction quopere Kirzner entre la logique des choix et la perception (ou la comprehension) et propose que lessence de la prise de decision consiste a parvenir a une comprehension et a apprendre comment agir. Un ensemble dimplications au niveau des comportements (telles que lexperimentation, les habitudes, limitation, lempathie) en decoule comme scheme d apprentissage dans des contextes differents. De plus, les conventions emergent en tant que moyens de stabilisation des anticipations mutuelles. La stabilite des conventions, dun cote, et lapprentissage dans le temps, de lautre, creent la possibilite de decouverte entrepreneuriale et de processus de changement endogenes.