Israel Kirzner

Israel Kirzner was a renowned economist known for his work on entrepreneurial discovery and market processes. He believed that entrepreneurs play a vital role in capitalism by noticing gaps or opportunities in the market, then acting on them to balance supply and demand. This process drives economic growth and innovation. Kirzner emphasized that markets are dynamic and constantly evolving due to entrepreneurs' alertness and decision-making, which helps resources find their most efficient use. His ideas highlight the importance of individual initiative and knowledge in fostering a healthy, adaptable economy.