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'Now I choose to label that element of alertness to possibly newly worthwhile goals and to possibly newly available resources -which we have seen is absent from the notion of economizing but very much present in that of human action the entrepreneurial element in human decision-making.' [13]

When an entrepreneur discovers and exploits an opportunity, the entrepreneur redefines the means-end framework and, ceteris paribus, tends to bring the system closer to equilibrium. In other words, his activity increases the coordination of other agents' plans. Not all market adjustments are equilibrating, of course, and disequilibration is also a common feature of the market economy, as Mises (1949) explains. Disequilibrating tendencies in the market system are not simply the result of exogenous changes (like changes in preferences), but also of endogenous changes (emerging from the equilibrating forces themselves). Kirzner recognizes, however, that mistaken interpretations by entrepreneurs lead to losses that act as unbalancing forces. The tendency towards (a new) equilibrium is only reestablished when entrepreneurs discover the opportunities for profit resulting from these mistakes. [14] The entrepreneur brings knowledge that is entirely unknown to anyone in the market, and helps defining a new equilibrium by setting the pattern of an underlying future reality:

'The daring, alert entrepreneur discovers theses earlier errors, buys where prices are too low and sells where prices are too high. In this way low prices are nudged higher, high prices are nudged lower price discrepancies are narrowed in the equilibrative direction. Shortages are filled, surpluses are whittled away; quantity gaps tend to be eliminated in the equilibrative direction'. [15]

Apart from the never reaching state of complete equilibrium, each market is portrayed by opportunities for entrepreneurial profit. Entrepreneurs are alert to price differences in the marketplace. These differences can be purely geographical or can take place over time. Knowledge is dispersed in the economy and the entrepreneur realizes that he can profit from these situations:

'In a world of ceaselessly changing tastes, resource availabilities and known technological possibilities, this entrepreneurial process cannot guarantee rapid or slow convergence to a state of equilibrium. But it does at each moment guarantee profit incentives tending to nudge the market in what, from the perspective of that moment, must be recognized as the equilibrative direction'. [16]

'Profit opportunities provide incentives for entrepreneurial corrective decisions. These incentives offer rewards to those who can better anticipate precisely those changes in supply and demand conditions which we have seen to be so disconcertingly possible. What our understanding of the entrepreneurial discovery process provides is no conviction that an unerringly equilibrative process is at all times in progress, but rather appreciation for the economic forces which continually encourage such equilibrative movement'. [17]

Inventive entrepreneurs through the responsiveness of alert operate in the market process world of entrepreneurial discovery. In other words this approach postulates a tendency for profit opportunities to be discovered and grasped by entrepreneurs' participants. This approach allows for 本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。