Prices and Economic Calculation

The purpose of this chapter is to illuminate those circuits that ensure that umbrella sellers appear when the rain starts to fall. When the comparative statics are used it is seen how a change in economic conditions will cause a movement from one equilibrium to another. Lots of companies are famous for having an entrepreneurial mindset, and the chapter explains what entrepreneurship is, and how it can be harnessed within an organization. It intends to move away from viewing markets in static, equilibrium terms, and towards seeing markets as a dynamic process of price discovery. And the missing link is the prime mover of progress – the entrepreneur. The study of entrepreneurship is seen to have direct policy relevance, and focuses on practitioners.