Israel M. Kirzner is the 2006 winner of The International Award for Entrepreneurship and Small Business Research (the FSF-Nutek Award). In this Prize Lecture he argues that a number of those who have commented on his work have misunderstood certain aspects of his theoretical system, and as a...

William J. Baumol is the 2003 winner of the International Award for Entrepreneurship and Small Business Research. Throughout his career Baumol has urged the profession to pay attention to the instrumental role of entrepreneurship in economic renewal and growth. At the same time he has insisted...

We respond to points made by Klein and Briggeman (2010), who criticize the use of definitive statements within the body of research by Israel Kirzner. We contend that Klein and Briggeman's critique fails to recognize the context of Kirzner's arguments within the broader tradition of neoclassical...

The most important distinction between Virginia political economy (VPE) and the other branches of public choice scholarship is a close affinity of the former to Austrian economics. Contributions in both the Virginia and the Vienna (Austrian) traditions have emphasized this connection and...

We review the literature that links institutions, entrepreneurship, and economic growth outcomes, focusing in particular on the empirics of the links between these. Most of this literature has an economics orientation, but we also review relevant literature from other social science and from...

I offer a chronologically-based discussion of my contributions to the entrepreneurship field. These mainly have to do with revitalizing the Knightian approach to entrepreneurshop (i.e., the judgment view), bringing entrepreneurship theory and the theory of the firm together, and linking...

Does the entrepreneurial market process reflect an equilibrating or disequilibrating tendency in the allocation of resources? We address this question by utilizing the case of Malcom McLean, who pioneered and introduced container shipping to international trade. We argue that Schumpeterian and...

This paper explores whether human entrepreneurs will be supplanted by intelligent machines. It starts by considering the capacity for machines to engage in entrepreneurial activity using big data and modern artificial intelligence techniques. A critique of artificial intelligence (AI) is then...

The basic idea of an institution (formal and/or informal) may be conceived as an aggregate structure that has an influence on the individuals. Entrepreneurship is observed to be dependent on institutions for its performance. Constraining and enabling functions of institutions impose certain...

This paper argues that liberty and progress arose due to the generalized increasing returns to economic activity. These increasing returns follow from the gradual, cumulative process of institutionalizing liberties. As a society adopts an institutional framework from accumulated liberties, there...