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What are the functions of the entrepreneur?
Essay specific features
Written by:
Casey V
Date added:
March 16, 2015
Level:
University
Grade:
A
No of pages / words:
7 / 1804
Was viewed:
6795 times
Rating of current essay:
Essay content:
The classical and the neo-classical tradition both concerned primarily with the establishment of natural or equilibrium prices. It is the French classical tradition that the origin of the idea that profit is an income different from received capital and that it goes to the entrepreneur.
The Cantillion's entrepreneur, whether an undertaker, a land owner, or a craftsman is seen as an in between, a speculator who assumes the risk of buying goods, at one price and attempt to sell them for a profit, either in their original states or as new products...
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Thus as Kirzner (1973) would out it this act of entrepreneurship consists of ?realising the existence of market value that has hitherto been overlooked'. The unique characteristic of Cantillion's entrepreneur is foresight and the confidence to operate under condition of uncertainty and he it is argued successfully associates risk and uncertainty with the administrative decision making process of entrepreneurs...
displayed 300 characters
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