Table of Contents

Culture and Economic Action

Culture and Economic Action

New Thinking in Political Economy series

Edited by Laura E. Grube and Virgil Henry Storr

This edited volume, a collection of both theoretical essays and empirical studies, presents an Austrian economics perspective on the role of culture in economic action. The authors illustrate that culture cannot be separated from economic action, but that it is in fact part of all decision-making.

Chapter 3: The discovery and interpretation of profit opportunities: culture and the Kirznerian entrepreneur

Don Lavoie

Subjects: development studies, development economics, economics and finance, austrian economics, development economics


It is beginning to be evident that the vast literature on growth and development conceals a yawning gap. This void refers to an understanding of the role of the entrepreneur in economic development, both at the theoretical level and at the level of past and prospective economic history . . . In the literature dealing more narrowly with growth models, this hiatus is almost complete and is hardly surprising in view of its predominant concern with macroeconomic relationships. In contrast, the literature dealing with development proper gives some attention to entrepreneurship, although little effort has been devoted to formulating a clear theoretical understanding of the entrepreneurial role. (Israel Kirzner, Perception, Opportunity, and Profit, 1979)

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